OC, I agree with everything you posted except the last paragraph as you are essentially assuming that the demand will stay constant or low enough for the next decade to be satiated by a few nibblers testing the market that are content to get out at nominal prices circa 2 or 3 decades ago.

This certainly isn’t how things played out in so cal during the last downturn, so what you are saying is a variation on “it is different this time”.