If it has happened before and it has, then it can and probably will happen again
The only problem with years of experience is that the rules have changed
Prices were previously based on TRUE replacement cost with adjustment for supply and demand
The property prices are now almost totally controlled by government decisions and policy, supply and demand is manipulated by the government at will, money supply is also controlled by the government.
Therefore even though in reality there is no reason that home prices are the level they are NO ONE can predict what the government will do, certainly they know they will be in a world of hurt if property comes back down to where it should be
With a personal and family history of over 100 years in building. property development and real estate it truly has never been like this before -IMHO-- no rules -- no common sense Just fiddle the conditions to get the prices necessary for the political future required
Naturally with one of the highest debt levels in the world it would be a catastrophe for thousands if it dropped
