I wish I had the reference, but I saw recently that the median income is actually *down* since 2000. And thats the fundamental re: housing prices.

High inflation is ultimately going to make the housing crash worse. People will be so strapped for cash due to high energy and food prices that aren’t going to be able to afford to pay a premium for housing. And believe me, folks will rent long before they go cold and hungry!

High energy costs are also going to make those McMansions out in the IE even less attractive, as the commuting and heating/cooling costs will be significantly more.