I can’t disagree with any of your points. But it doesn’t matter, people want to live in SD. Yes demand will fluctuate but in the end people want to live in SD.

I don’t understand why people sacrifice so much to live in SD but they do. It doesn’t make sense to me, never has, but that’s what I’ve experienced.

50% decline just won’t happen because of the desire to live in SD and own SD r/e. Period.