Perhaps this time will be special, given so much government protection (i.e., market manipulation to maintain house prices).
But investors at the current scale includes vast numbers of individuals' personal wealth and retirement accounts. I'd expect them to jump out well before they personally reach insolvency if fear ever overtakes greed.
Real estate is very illiquid - and ‘valuations are high, but the market is grinding to a half because demand is dying due to increased borrowing costs’ is exactly when it is nearly impossible to get out.
Once things ‘snap’ and it starts to shift, well… then it’s too late.
