I am encouraged by the fact that governments of all ideological stripes, including left-leaning governments in Brazil, Argentina, and Chile, as well as the incoming administration in Uruguay, have actively supported reform. (Venezuela is a notable exception.) In important ways, these efforts are paying off.
My short answer is that unlike the housing bubble and crash of mid 2000s, the recent increase seems to be sustained by  10  Many nonbank servicers also originate mortgages. - 11 the substantive supply and demand issues I have detailed—not by excessive leverage, looser underwriting standards, or financial speculation.