Dogecoin Creator Raises Alarm Over Soaring U.S. Housing Prices

Billy Markus, co-creator of Dogecoin and a prominent voice on X, recently sparked discussion with a stark take on the state of the U.S. housing market.
Citing data from a historical chart shared by Barchart, Markus warned that current price levels may be setting the stage for severe economic fallout.
The graph, which tracks inflation-adjusted home prices going back to 1890, shows that the Case-Shiller Index has reached an all-time high of nearly 300 in 2025 — surpassing the peak seen before the 2008 mortgage crisis. Markus questioned the sustainability of these levels, suggesting that correcting the market could inflict serious damage on the global economy.
Behind the spike are familiar factors: suppressed interest rates, limited housing supply, and speculative buying. According to Markus, any attempt to cool down the market — such as raising rates or curbing investor activity — risks triggering a chain reaction, potentially destabilizing key industries like construction and finance.
Some commenters on X pushed back, arguing that the situation doesn’t necessarily imply an imminent crash. One suggested lowering rates to improve affordability, while another saw the market entering a necessary phase of rebalancing, not collapse.
While opinions differ, Markus’ comments reflect growing unease over whether today’s inflated housing market can avoid the fate of 2008 — or if history is quietly repeating itself.