Right, but Bush and the Conservatives were the ones driving all of this, and the reason is because from 2001-2003, economic growth was pathetic, the tax cuts didn't deliver on their promises, yet Bush was up for re-election and if the economy was going to continue to grow anemically as it did from 2001-2003, then Bush would lose.
So Bush took the steps necessary to inflate a housing bubble so that the economy would look like it was growing because of the tax cuts when it was really growing because of debt.
Bush even campaigned on that message in 2004:
Bush Ties Policy to Record Home Ownership
March 26th, 2004
Touting his tax cuts as the economy's savior — and pointing to the strong housing market as proof — Bush said "more people own their own home now than ever." More than 50 percent of minorities owned their own homes in the last three months of 2003 for the first time ever, the president said.
https://www.foxnews.com/story/bush-ties-policy-to-record-home-ownership