The housing bubble began in the 80s

That was when Counties and other small governments discovered they could circumvent voter imposed tax limitations and increase their incomes simply by over-evaluating real property and then learned owners welcomed their newly found and growing (unearned) equity. Look Mom, I can grow assets without really trying.

When it came to increasing tax revenue for small governments Assessors became . . . Accessories.

And that's how Government Grows.

The constant upswing in evaluations then drew investors wanting to benefit from the ever increasing appreciation and so the spiral began that now brings us to where we are today.

Where is that you ask? We are over the top and headed back to Reality.