I diagree that housing is only cheap because of cheap financing. The ratio of price-to-income or price-to-rent rent are belwo long-term lows… independent of rates.
And, despite low rates, availability of cheap financing really is not pervasive.
I do agree that the other factors you discuss are key: jobs, economy, and rtaxation.
But, I would view jobs as one of the key potential levers that can act as a trigger to allow prices to revert back to norms. … when that happens is anyones guess.
