Thanks FSD…you are right: it is already happening! But the causes are important because that is where we will find out whether the extreme bears or the moderate bears are more accurate in their predictions. Perhaps we have a bubble caused by speculation combined with a percentage of cost run-ups attributable to other causes, i.e. artificial scarcity of buildable land due to environmental regulation, density restrictions etc. If that is the case, once the speculators are out we will get a downturn that is already happening but not a complete deflation all the way down to inflation-adjusted pre-bubble prices. I don’t presume to know. I am not an expert just someone trying to understand better what is happening.

Beatus ille qui procul negotiis … paterna rura bobus exercet suis, solutus omni fenore….. Horace