“I believe that only about 8% of the rest of the decline is going to show in real value, meaning where you actually see the price decline and the papers report it. The rest of the decline will be assumed through the fact that housing prices will not increase at the rate of inflation…”
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Now that’s a much more reasonable guesstimate. I think it the process will be a mix of of what Cow Tipping and LostCat said.
The main driving force of this “collapse” or “correction” will be the tried and true FUNDAMENTALS. That means how much people earn, not how much Loan they can scam into.
