I’m happy for the correction to normal prices because regular, working-class people should be able to buy regular, working-class homes for their families.
Housing is shelter, and should not be used for speculation, IMHO. How wonderful it would be if people could pay all their housing costs with 30% or less of their income, so the rest of their money could be used for savings and living life.
The obsession with housing is a sickness, and marks a level of economic desperation when people think housing (or other investments) is the only way to make a living. We’ve denigrated work and the people who do real work (blue-collar workers) to the point that nobody wants to do it anymore, and we all want to be professional gamblers. Notice the anti-union, anti-worker attitude that is so prevalent today? This attitude is directly related to the environment that nourished the credit bubble.
