If the property market does not begin to appreciate by 2010, then my bet is that it’ll stagnate for 25 years.

The reason is that today’s job market require that people move frequently. Fewer new families can stay put more than 5 years. The ones that can already own homes. Remember, the rate of homeownership is fairly high already.

There will be fewer and fewer new buyers if they think that they need a minimum of 5 years to break even after closing costs.