Point 8 is an important element of the last (or current depending on your outlook) housing bust. Because first-time buyers have all been ruthlessly exploited a

Point 8 is an important element of the last (or current depending on your outlook) housing bust. Because first-time buyers have all been ruthlessly exploited and the supply of new victims is very low. From The Herald: "We were all corrupted by the housing boom, to some extent. People talked endlessly about how their houses were earning more than they did, never asking where all this free money was coming from. Well the truth is that it was being stolen from the next generation. Houses price increases don't produce wealth, they merely transfer it from the young to the old - from the coming generation of families who have to burden themselves with colossal debts if they want to own, to the baby boomers who are about to retire and live on the cash they make when they downsize." Important to remember that for every homeowner over-stretching to buy their dream house is another home-seller making a healthy profit.