Locke and Peter are headed in the right direction. I love reading economists talk about predictions, and if we are lucky get to look at some nifty graphs, but when a 'bubble' has been identified, what they do is 'burst'.
All we are really waiting for is an inciting incident.
An unpredictable event that will bring prices back down to what is affordable for the majority of the population. What will this be? When will it happen? The only thing that we know is that the cost of buying a house has exceeded the buying power of a large portion of the population. Housing is a necessary part of life.
Real estate experts are fun to listen to, but in this particular scenario they will be 'caught off guard', by definition.
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"By Grabthar's hammer ... what a savings."
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