The analysis of value by this researcher seems to be entirely dependent on future price. But houses have value even if the price goes down: a place to live, sp

The analysis of value by this researcher seems to be entirely dependent on future price. But houses have value even if the price goes down: a place to live, space to own more things, for kids to play, stability where no one can kick you out etc. Someone buying a house during a "bubble" can be deciding that they value these intangibles more than future profit of selling the house later.