[quote=peterb]Takes a job to get a loan, to buy the house. And herein lies the problem for the future.
Loan mods need to have cramdowns, otherwise they’re not attractive alternatives to letting the property go back to the lender.
Yes, Japan managed to spread the problem over many years. Price corrections will not be denied by the market.[/quote]
Japan did not respond by turning on the printing presses in the same way the US has. As you point out the market will not be denied. One important aspect of that market is the supply of money.
