I am in a old neighbourhood. The price doubled from its previous peak of 1990’s. We only had fewer people selling and each told me that they do not need the money from the sale.
As for your anticipated 50% drop. I am confused on the math, the current ration of median house price to per capita income is 14.5 and the lowest is 9. That implies a 30% drop. If it is a 50% drop, the ration should be 7.25. Plus, the per capital income should increase with inflation and it will further soften the drop. I am expecting a 20 to 25% correction. I would love to hear your arguement.
