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Straight up house prices? Yes.
As soon as people start thinking prices can only go up, housing has dropped. Over and over.
Affordable overall, including insurance and maintenance? No, we have never had that, and probably never will.
People talking about societal collapse here, look at the past. It was worse. We have come forward not backwards, overall. Sure it looks dire, but really, would you rather live in the past? Like maybe, if you are a rich white guy, but if so you are probably doing ok now too.
I've got my ears tuned listening for a shoe shine boy telling people to go buy rental properties, markets to plummet immediately after.
Remember that great scene in The Big Short talking to the stripper in Florida who owned four condos two houses and a boat, something like that.
The cost of borrowing is far higher than it was before the 2008 crash, and subprime adjustable rate mortgages have largely been regulated out of existence since then. So while there will be some kind of crisis, it will look different than 2008.