Hi – My view is that there will be a long slog of prices going nowhere until affordability improves quite a bit (basically allowing incomes to catch up). If there’s a serious economic downturn that could speed things along and result in sharper price declines for a bit. But I think the base case is a long period of (nominal) price stagnation.
Thanks as always Rich! Looks like things are holding steady for the last few months.
Do you have a feel if one side or the other is going to give?
Hi – My view is that there will be a long slog of prices going nowhere until affordability improves quite a bit (basically allowing incomes to catch up). If there’s a serious economic downturn that could speed things along and result in sharper price declines for a bit. But I think the base case is a long period of (nominal) price stagnation.