It has definitely cooled dramatically; even reasonable interest rates make the numbers pretty meh.

This feels very similar to the Canadian narrative that foreign (read: Chinese) investors are buying all the houses in Vancouver & Toronto. Does it happen? absolutely, but it's also a nice way to blame a segment that has no voice or recourse. It also allows us to turn a blind eye to the impact of a generation of essentially zero % interest rates and a country that holds twice as much of their wealth in houses as the US. Other popular targets: out-of-province home owners, vacation property owners, multi-generational properties.