According to every available measure, median home sales prices in the U.S. are at a record high, and they show little signs of cooling off.

To some, this brings back memories of the real estate debacle of the 2000s, and they wonder if this bull market will end up, like then, in a big crash. Good news: today’s strong housing market is radically different, far healthier and it could chug along for many more years.

Back in the mid-2000s, after a systematic dismantling of financial regulations, the real estate market rallied for all the wrong reasons: “no-doc” mortgages (those approved without verifying the borrower’s financial condition), an…

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