This is in large part a result of the neoliberals who deregulated banking regulations across most western economies in the late 1970s and 1980s - removing the previous restrictions upon commercial banks issuing fiat debt finance toward non productive purposes...primarily housing. Previously provision of housing mortgage finance was via exclusively by mutual non profits and government agencies. Since those restrictions were removed an ever growing ratio of commercial bank lending has moved toward housing mortgages, inflating house prices and bank profits but contributing nothing to the productivity and wealth of the nation. This is pure and simple parasitic fiat debt rentseeking, enabled by politicians owned by bankers.