home prices are going down due to contraction of demand/credit. currency devaluation is increasing the absolute cost of homes. but since absolute wages are not being increased by devaluation, homes prices cannot be artificially increased by the same devaluation. they have to be within reach of those who are buying, regardless of devaluation.
ie., accounting for deval, a home is “worth” 500k. but since no one is buying at that price and you have to get rid of it, the home is worth only that which someone is willing to pay. deval or not. calculations that “homes will decrease 20% in 3 years with an additional loss due to inflation will equal 50%” is meaningless. because that assumes that the difference will be taken up by wage increases. which it wont necessarily. the trend is currently for wages to be decreasing due to devaluation, stagnation, outsourcing, automation, etc.
