I've been around the real estate market in various ways since '67. The biggest difference I see now days is the lack of equity that people have in their homes. A lot more homes were owned free and clear when I started. Now the pattern is run up the credit cards, refi, pay them off with a line of credit then go around again. To get the new refi, the house has to appraise high enough and if the appraiser can't bring it in where the lender wants it, then get another appraiser who will.
Way back when, 2nd mortgages were not readily available nor were loans on vacant land. Now days, these loans are easy to find.
A lot of sellers carried back loans either on a real estate contract or on a deed of trust secured by the property. Maybe we'll go back to some variation of that.
The real estate market here is adjusting but not to the extent that is happening in the midwest. One of my sons lives in Ohio and there are built-out plats back there with nobody home.
My Dad (rip) was in the real estate industry for 45 years and he got out 3 years ago because he said this day was coming.