SDreator and surveyor, I understand your points. I’m not housing bullish either. I just try to say that comparing this slump with the last one in the early nineties, there is a major difference that is that this time there is less developable land, so that this generates a stronger support.

Some people like to say there are a lot of empty houses out there. but they forget to mention that most of these empty houses have always been there, and are not available for sale because they are 2nd /vocation homes. so you have to discount the effect of these houses on the price pressure.