This is why credit contractions are long and drawn out processes. And far worse than an ordinary recession of over production and over capacity. Unemployment will increase and the wealthiest people have the most assets and funds available to stall the process in the hopes of lasting long enough to “ride it out”. But many of these people are in the later years of their lives and will soon be net consumers and not producers. This is a terrible combination.
A market often stalls before it falls. What’s the sales velocity of property over $500K? Is the economic picture getting better or worse? Patience, Grass Hopper.