> debt for housing, which is a depreciating asset in normal times (housing wears out, land may become more expensive) is not a great idea, but it has been normalized and when you have negative real rates & inflationary policies, as we had for over a decade, it can make a lot of sense

Has there been a 20 year stretch of time in the US in which housing is broadly a depreciating asset?

Seems that land is definitely, and housing for the most part, an appreciating asset over time due to scarcity.