>nobody sells because prices are too low and selling means realizing huge losses This is only looking at housing as investment/speculation. Downside is that pe

>nobody sells because prices are too low and selling means realizing huge losses This is only looking at housing as investment/speculation. Downside is that people also sell if life forces them to. Like if they need to move because of personal or professional reason. If the price continues to trend downward, realizing a loss isn't as bad as losing more, or more likely unable to deploy capital in better investments. While there are mortgages, my assumption is that foreign money is mostly all cash buyers.