If you bought a house in my HOA in, say, 1990 and were forced to sell it after the housing crash of 2008, you lost a ton of money that you had gained in (supposed) equity in that house. If, however, for some reason you did not have to sell that house but held on to it, you came out well ahead of the game, because that house is worth more now than it was at its peak before 2008.
So if that value just before 2008 turned out to be phoney, why is its value today not phoney?
And don't tell me it's inflation, because inflation has been pitifully low. The government is frantically trying to make it higher (for reasons that are entirely bogus, but that's a different subject). Home prices nationwide are back up to where they were before the crash of 2008, and everyone is reporting that as if it is a good thing.