You make alot of sense Perry… I think that the downturn will take an interesting shape with a wider variance of depreciation then I originally thought. I think condos will get pummelled but I think the detached home depreciation will vary widely with geography due to the type of owner, or shall I say the type of financing the owners used. I am not as sure that a widespread hammer will fall on everything. I think the slow secular downtrend over many years is likely something we agree on. Also yes of course crashes/corrections are quite beneficial for inefficiences. Unfortunately the golden rule is in effect. Those with the gold rule (lenders, banks, etc…) and I think those with the gold are going to stretch things out enough to avoid the hard crash…Good post. As usual your points make alot of sense.
