Bank rules that max mortgage is limited to a per centage of household income.
With no pay raises, buyers will let prices FALL, FALL, FALL.
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We are not in Japan.
Japan has has had a sub 2% interest rate for 2 decades.
You will lose more than you earn if you own SD real estate.
☆EVERYTHING IS AWESOME ☆
CTRL-P all is well with monetary velocity.
These people have only seen falling interest rates for their entire adult life.
Surprise is coming.