I don’t doubt that fact, but housing isn’t a typical market. It’s a market that for most people’s lives, has never gone down for a long period of time. It’s a m

I don’t doubt that fact, but housing isn’t a typical market. It’s a market that for most people’s lives, has never gone down for a long period of time. It’s a market that the government will actively intervene in to prevent it from going down. If you talk to a lot of older Americans, a non-trivial portion of whom are invested in the housing market, their faith in the continued growth of the housing sector is akin to their faith in God. They’d rather sell their kidney than their second homes at a loss. You would have to do a lot to get them to believe that the housing market is over.