In the US, people live in socio-economic clusters. What a house is worth is what the median income of that neighborhood can afford to pay. Houses are more than the millennial and Z can afford, so a housing crash was inevitable because they are the future buyers of homes as the Great Depression and Baby Boomers die off.

Is now the crash? Not yet. But definitely there will be a giant economic crash after the election. Why? Well, it's complicated, but let's summarize it as the stock market is being artificially inflated by the federal reserve using our tax dollars. Once the election is over, the federal reserve will stop the propping up and things are going to crash far worse than 2008.

My family needs me now, but I'll try to pop back in later with more links. Here is one to start with that 100% guarantees a crash is inevitable. https://www.federalreserve.gov/monetarypolicy/reservereq.htm

edit: The link above needed more explanation. Basically, this is the way it's supposed to work. I deposit $100, bank loans $97 of it and keeps $3 for when people ask for a withdrawal. In an economic downturn, people don't make their loan payments and the banks collapse when the depositors try to make withdrawals. The federal reserve requiring no more reserves means that a banking collapse will be imminent with the next downturn, which should start in August if the stimulus isn't renewed. My guess is they will renew the stimulus until the election. q

Here is an explanation of how the federal reserve works. Hopefully, it will help to understand the significance of the above link: https://www.youtube.com/watch?v=4P_8KtP3Qi0&feature=emb_rel_pause&app=desktop

Here is how the federal reserve is artificially propping up the stock market: https://www.forbes.com/sites/nathanvardi/2020/03/23/the-federal-reserve-moves-to-buy-corporate-debt/#2b2ac7ae4c47

FYI, in my area (CA), house prices are still going up because investors feel the real estate market is more stable than the stock market. Everyone knows it's only a matter of time before the house of cards collapses. The one caveat of my opening statement is that more and more homes are being purchased by investors as rental properties. We're going to have to do something about that, legislatively speaking, to ensure that we don't go back to feudalism with a handful of wealthy landowners and everyone else being indentured servants.