joeofclew

Is the Normalization of Housing Prices a Realistic Expectation?

brynaw,
"The permament land shortage .......... "
in America?

anyway, Markham Lee is not flamboyant speaking. He does not say people will not speculate. He is saying the system won't support it as much. And, I like his argument.

Makiel (first poster), i.e. "Actually, housing prices must, by mathematical constraints, bear some relationship the the range of incomes in a given market". I think what happens are people are outpriced. However, most Americans were buying on extreme leverage which he is saying is not available if credit is tightened. I.E. unless the Fed releases credit again with another decrease in the overnight interest rate.