I have no qualms about your 37% figure. We may have to lower it a tad to account for the helicopter Ben who is going to cut rates. To counter the ARMS reset we have to examine population density. We now have high rise apt and condos that didnt exist during last downturn, 15+ stories in UTC and off the 15 (Clairemeont area).
If you’ve been to New York, San Francisco, Singapore you know that single family house is a pure luxury reserved for very wealthy. Thats why newer single family houses may go down 20-30%, while condos may fall 30-45%.
