What housing bubble was that again?

Value of housing market at all time high: Home equity has driven up value of US houses since 2012 to a current record value of $32.8 trillion ($11.3 trillion debt, $21.5 trillion equity) 28% higher than the pre-crisis peak in 2006

That is from David Wessel on Twitter, here is the cited research.  Of course there were local housing bubbles in Las Vegas, Orlando, and so on, but was there really a national housing bubble?  Was not the real problem an “anti-bubble” of panic in 2007-2008?  I believe Alex T. was the first to raise this point, and he remains underappreciated for this observation.

Wessel himself wrote in 2008: “We had a housing bubble; that’s now obvious.”  Scott Sumner, telephone!

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