Another 10% isn’t even close to closing the gap to within reason between rents and mortgages.
It depends on how long it takes. If another 10% decline happens this year, then yes I’d agree with Bugs on this. But, consider the effect if it happens over a longer time frame. Assume we are already down 10% over the past 1.5 years for comparable property. If the next 10% down-leg in nominal price occurs over say 5-6 years, we could easily be looking at a 40% or more real decline. 20% due to nominal price drops and 20% (or more) due to the cumulative effects of inflation. I would not discount a 10-15% further nominal price decline, since it depends on how long it takes to be carried out.
