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No not same as the last time, the likes of your parents weren't heavily borrowing on the rising value of their houses (certainly not to the extent of now). People remembered house prices falling there was no sentiment of houses being a one way bet. It has the potential to be much worse than last time.
Perhaps closer to the late eighties/early nineties, when a lot of folks who would traditionally have rented most of their lives became property owners.
Behold the warranty -- the bold print giveth and the fine print taketh away.
I'll be buying in the same area so the percentage of the larger sum is greater than that of a smaller sum, also higher end properties will suffer bigger percentage drops than average houses... win win.
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