I think it's too simplistic to blame it on greed. It's other things like, "I can't get married if I don't have a home to my name", or, "we want to have an investment to take care of ourselves in old age and there is literally nothing else we can out our money into"
On the policy side, it's very much "property taxes are the only way local government can secure revenue and so we must do whatever we can to keep the bubble inflated"
Sorry, with greed i was referring to those who sell the houses.
In 08, greed was the real estate agents and loan officers who gave loans to people who should never have had them when it was clear they couldn't afford it long run.
The home buyers many times just wanted a house but also wanted "more home" to maximize and was able to obtain a larger loan because the greed went all the way down.
On the policy side, it's very much "property taxes are the only way local government can secure revenue and so we must do whatever we can to keep the bubble inflated"