Not different this time–same players and behaviors, different cycle.
In 2003-07 it was reckless lending, securitization and derivatives that drove realty prices off the leverage cliff. In 2010-2016 the buyers are foreigners and financial intermediaries (who were bailed out by governments and central bank liquidity injections after the 2008 implosion) who have been buying up houses with record levels of borrowed ‘funny money’ and driving up prices to unsustainable (un-affordable) levels all around the world. Won’t end well again.
Here is a direct video link.