Dacounselor, please stay with us…. otherwise the conversation will be quite boring.
My feeling is that market psychology will play into this a lot in the years to come.
Economically there’s no reason for houses to be so expensive. I remember reading a book a while ago predicting that in the future housing will be owned by large equity firms and that people could treat housing like a commodity. Workers could easily move and take the best job anywhere that’s best suited for them. This would drastically improve productivity. Obviously RE is still a highly inefficient market with lots of barriers.
