Is household credit growth dangerous?

Central banks sometimes have an ambiguous attitude towards household credit: they want to stimulate it with an expansionary monetary policy, but they are concerned about excessive lending and the financial instability that can ensue (this is the case in France for example). We seek to ascertain whether rapid growth in household credit boosts primarily : Real estate prices, which would be a concern; Or t he volume of housing construction, which would be a good thing. Comparing OECD countries, we see that both from 2002 to 2007 and from 2010 to 2019, expansions in household credit were associated with both an increase in real estate prices and an increase in the volume of construction.