I see some of these big communities going in when I travel, but around here in the DC area it's so built up you rarely see enough land for more than a few houses (that a builder buys up and puts in several new homes). I have seen them in rural parts of Virginia when I drive out to our cabin property. I think Son #2 is spot on that 2005 vs. 2021 is different in the 'supply driven' sense. But another BIG difference is, in 2005-2008 there wasn't a government mandated foreclosure/eviction mandate in place.
I said this earlier, but I do think we'd have already seen a housing correction had covid not happened. It would have likely happened sometime between last fall and now. But, due to covid: 1) demand went up, 2) interest rates fell drastically, 3) lumber/building costs went up (supply issue?), 4) people are working from home more and want a larger house (home office), 5) the foreclosure/eviction mandates are still in place, 6) people relocating to Red states - and I'm sure I'm missing a few other factors. I expect once Blue states reopen and most of the country is vaccinated we'll see a little boom (some people are scared to sell/move due to covid - and people are ready to let loose/spend money/travel/move). But once that settles down (by late fall? early winter?) what happens? Will the eviction/foreclosure protections still be in place? Will interest rates rise? Who knows. I'm sellilng/moving soon, so I'm not sure what we should do (the wife is hell bent on buying something, even if it's a smaller, less desirable house/location).