Yeah, that kind of scenario envisions HUGE job losses and as you say, would be a lot worse than a simple recession.
I try to look at what kinds of price levels will get cashflow-oriented investors back into the market here.
If I assume current rent levels, and interest rates around these levels, then I think a 25-30% correction from current levels would really get professional investors interested.
And that would get us back to equilibrium quickly.
