Comment by ramesh31
>"I hope more people choose the same until the working age tranch of purchasing power isn't as available as they'd like and prices have to drop."
You just have to remember and keep in mind that the game is rigged. Housing is far from being a completely free market in this country. The structural political forces entrenched in maintaining home prices is second to none, from the top federal level all the way down to city councils, in a completely bipartisan way. The crisis of '08 was a generational event that we're not likely to see again in our lifetimes. Flattening and dips for sure, but a crash will not be allowed to happen; they'll just print enough to fix it, and leave the burden of inflation to anyone not owning assets.
Agreed on every point, except I'm actually in Canada, so it's partly because housing didn't crash here that we're arguably even more turbofucked, afaik anyway. Although our current administration would like every working age person to believe that it's solely because of your president that we're screwed economically, the writing has been on the wall for a while; too much of our GDP is made up of residential real estate sales and the rental income generated by the scarcity of them and going into the pockets of people who borrowed endlessly against them.