It has seemed like the central bank’s mandate has been to keep the housing bubble expanding, doesn’t it?

It’s the total inflation that’s causing them to act. Central banks’ mandate isn’t to cool the housing bubble though.

Well, we have experimented over the last 15 years with throwing money at everyone who could fog a mirror and it has landed us exactly where we are today.
It’s a failed experiment that has cost a whole generation their dream of home ownership or put them in eternal debt servitude.
I’d say let’s go see how we do when the pendulum swings the other way.
Let’s see how many people would be able to afford their dwellings at a higher interest rate but saner house price to income ratios.
Can’t come soon enough.

Returning to Schiller/Case index mean at 10% mortgage rate means you still won’t be able to afford the house you want