The cycle of real estate boom and "collapse" has been proceeding predictably
for several generations, and will probably continue to fluctuate for many more.
The good news ... each new bottom is a bit higher than the last bottom.
The mortgage market ... the only thing different this time is the foolishness of loaning money against real property when the borrower has no equity investment, nor a proven willingness to repay a loan.
Otherwise, it's just "cycles" as usual ...