The residential real-estate market is on its biggest tear since 2006, just before the housing bubble burst and set off a global recession. Yet in nearly every meaningful way, today’s market is the inverse of the previous boom. …In the mid-2000s, loose mortgage-lending standards enabled borrowers with poor credit histories to purchase homes beyond their means. Too much new construction led to an oversupply of houses. Financial firms packaged these risky mortgages as securities and sold them to investors. When more homeowners started defaulting on their mortgages… the entire financial system froze up. …The current housing boom is far more stable than the last one and poses fewer systemic risks, economists say. …Market watchers also say that a number of longer-term trends are at play that should keep the housing market hot, or at least steady, even after Covid-19. …Millennials continue to age into their prime homebuying years and… the market is critically undersupplied. [We respect the copyrights of the source publication – full access may require a subscription]