Q: "Will the housing market crash like it did in 2008?" —Jay in Salt Lake City

A: We can all agree the housing market is hotter than a Phoenix parking lot in July right now. Prices are exploding in both suburban and urban markets. The search terms “should I buy a house” and “sell my house” are at record-highs. It’s feeling very 2006 out there, and not just because very few people are using Facebook.

But experts say that while it may look like a bubble and feel like a bubble...the market’s fundamentals aren’t that bubbly. Yes, prices are rising at an astonishing pace, but there are good reasons for that: Housing inventory hit a record low this year, demand is so furious builders can’t keep up, and low mortgage rates are attracting new buyers into the marketplace.

Plus, lenders these days are far more strict than before the previous crash, which has resulted in more creditworthy homeowners. The typical credit score for mortgage borrowers in the second half of last year was 786, a record high.

In conclusion, don’t expect a Big Short 2. But do expect an affordability crisis if we don’t build more homes.