Speculators will eventually mark to market and sell or rent their empty houses. It might take a while, but it's a big country. Housing is illiquid on a small

Speculators will eventually mark to market and sell or rent their empty houses. It might take a while, but it's a big country. Housing is illiquid on a small scale, but is a fairly efficient market on the national level. Except for the zoning rules, of course. That's the nice thing about living in the US or a Schengen country. It's easy to move to where the economy is better.