I'm not a financial nor real estate expert, but I just don't see this as a "bubble". This seems nothing like 2008 to me. The bubble burst in 2008 was caused by shitty sub-prime loans going to people who could not afford them. Once inflation and unemployment set in, people simply couldn't afford to pay their mortgage. Today, those sub-prime loans are a thing of the past. I don't have any stats in front of me and this is just a complete shot in the dark, but I'd wager that close to 50% of current home owners are sitting below 4% due to a recent purchase or refi. If rates keep going up, sure real estate prices will come down, but those buyers will be staring a 6/7/8% rate square in the face so it'll all come out in the wash. The only ones who benefit are the cash buyers. Either way, I just don't see this as any sort of "bubble" that's going to burst. It's going to be a steady kick in the nuts that gets less intense as time goes on.