Q: To what extent is the US going to have a housing market crash in 2023 that will be far bigger than the 2008 crash? 

A: A housing market crash in 2023 akin to that of 2008 is unlikely:

1. Federal Reserve efforts since 2009 have dramatically improved credit scores of borrowers and reduced LTV (Loan-To-Value) of mortgaged houses 
2. Unlike 2008, when employment collapsed, unemployment today is at record-low levels. Homeowners are unlikely to miss payments because of losing their jobs. 
3. Low fixed mortgage rates are affordable for current borrowers. Half of mortgages are below 4%. 
4. Excess cash from the pandemic to the tune of $1 trillion remains in bank savings accounts. Moynihan at Bank of America says the average bank balance is $13,000. 
5. Bank balance sheets are substantially improved since 2008 and banks do not hold mortgages on their balance sheets. For the most part, they do not even originate loans any more. Wells Fargo was the latest to exit loan origination. 
6. There is a housing shortage. 
7. Arrangements that split up mortgage bonds into different tranches, rendering no one responsible for collecting, have largely been disbanded.