It would be ironic if a second housing bubble collapse causes a second financial crisis. It's entirely possible. It could start outside the US, in other Western countries where real estate prices have reached completely insane levels. In Canada, if there was a housing "bubble pop" then it would be catastrophic for the entire economy and financial system. It would not really be better even for those who didn't buy into the madness, unless they've been sitting on a hoard cash the whole time and buy at the right time. Most people never had the cash to buy into the madness, and if the music stops then they lose their job and a significant portion of their investment savings and are probably unable to take advantage of the opportunity. The rich always get richer, and the poor always get poorer, even in a financial crisis.