The 2000s housing cycle was not just a boom and bust, but also a rebound. By looking at factors like income, amenities, and urbanization, researchers predicted the rise and fall of house prices from 1997 to 2019. People got too optimistic during the boom, leading to a crash when reality set in. Prices dropped below their normal levels, causing a foreclosure spiral. Eventually, prices started to rise again as they adjusted to long-term growth. This model explains the whole cycle with just one major event and matches what happened in cities with big housing swings.