The extremely (almost irresponsibly) abridged version of the 2008 subprime mortgage crisis is that banks were giving out loans to people who could not afford to pay them.
This is the comparison I’m drawing, because it’s what is happening again.
A 200K home mortgage isnroughly 2000/mo. It’s not doable for median income, and the .median house price is like 380k right now. The math doesn’t check out.