The last time the American housing market appeared to be this bubbly was between 2005 and 2007. After that, housing values plummeted, with terrible results. The real estate bubble burst, sending the global economy into its worst slump since the Great Depression.

Buyers and homeowners are asking the age-old question: Is the housing market so hot that it’s going to crash? Now that the housing boom is challenged by skyrocketing mortgage rates and a looming recession.

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