Kev, the mere fact that dual incomes are needed to buy is exactly why the prices will fall, affordability. Half the population is single and removing them from the market takes a huge chunk out of the demand. I have a theory that if housing plummets 50% the divorce rate will skyrocket. I base this on a straw poll of buddies who stay in marriages primarily because they can’t afford housing as a single person and it scares them into staying.
I think you will see that house 3/2 1500 sq return to 300k, maybe not 200k. A single person making 100k can easily afford a 2k/mo payment and borrowing 240k gets them in the ballpark with 20% down on 300k. I see that as when the affordability returns to the market, unless of course none of them have saved a downpayment.
