“The middle is evaporating and what you are left with are those who have and those who don’t.”
You’re contradicting yourself here. If in fact, the middle class is disappearing, where will the majority of buyers come from?
I tend to agree with you, that the middle class is evaporating. However, that will only make the problem worse. A slightly larger elite class isn’t going to make up for a substantially smaller middle class. A middle class that has propped up this real estate bubble. Take them away and the whole thing comes crashing down, regardless of the increasing $2 million + market.
