The U.S. housing market is on fire. Double-digit appreciation is the rule. Giddy sellers are sifting through multiple offers. Frantic buyers are forced to pay more than asking prices — sometimes by $100,000 or more.

The real estate party is in full swing. The National Association of Realtors said last week that prices of existing homes soared a record 17 percent from March 2020 to March 2021 — a pace that eclipsed even the eye-popping appreciation of the last boom.

The last time the U.S. housing market looked this frothy was back in 2005 to 2007. Then home values crashed, with disastrous consequences. When the real estate bubble burst, the global economy plunged into the deepest recession since the Great Depression.

Now that the housing market is booming again, buyers and homeowners are asking a familiar question: Is the housing market about to crash?

“The one thing that I keep getting asked over and over is, ‘Is this a…

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