Do you not think that if the ratio of people to properties remained the same, but interest rates declined, then prices might also go up? I don't think that a s

Do you not think that if the ratio of people to properties remained the same, but interest rates declined, then prices might also go up? I don't think that a supply shortage gets to the crux of this problem. I think a more significant factor is availability of credit. It's worth considering that a credit fueled speculative boom creates excessive demand.