Reuters has published a very long story demonstrating that it's the distribution. The author quotes all of the usual suspects. I hope this story gets very wide circulation.
This quote: "One bright red flag that policymakers seem to have missed pre-crisis was the disconnect between swiftly rising house prices and stagnant wages for most middle-class workers." is a tad misleading, in my opinion. The red flag wasn't "missed" by accident or stupidity. It was ignored, because to acknowledge it would be to demand action. Georgie Porgie and his minions weren't about to show the populace that the emperor is naked.
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