House prices (for most homes in nicer areas) are still way above their values at the last bottom of the RE cycle, in 1996. That’s true even after adjusting for inflation or wage growth. So there’s lots more room for downside movement, based on economics. But politics is what’s driving the selection of winners and losers now, not economics, so perhaps it’ all asset price reflation from now on. It’s certainly what the majority of voters want.
