I'm not a financial nor real estate expert, but I just don't see this as a "bubble".  This seems nothing like 2008 to me.  The bubble burst in 2008 was caused by shitty sub-prime loans going to people who could not afford them.  Once inflation and unemployment set in, people simply couldn't afford to pay their mortgage.  Today, those sub-prime loans are a thing of the past.  I don't have any stats in front of me and this is just a complete shot in the dark, but I'd wager that close to 50% of current home owners are sitting below 4% due to a recent purchase or refi.  If rates keep going up, sure real estate prices will come down, but those buyers will be staring a 6/7/8% rate square in the face so it'll all come out in the wash.  The only ones who benefit are the cash buyers.  Either way, I just don't see this as any sort of "bubble" that's going to burst.  It's going to be a steady kick in the nuts that gets less intense as time goes on.