Some might, other parts do not?
Does this make sense?
Where I am real estate is strong, and the demand is endless.
As American goes from a country of 300 million, to 1 billion....Those looking for the great deal, will have a long wait.
Bingo. People aren't going to live in caves.
Some areas become undesirable over time, thus folks will spend more on another area and live there.
One of the problems with these bubble theories is that they don't take buyers often enough into account.
Nor circumstances, granted "red lining" no longer officially takes place, but it also manipulates areas and is a reason why if one goes from one part of a city to another, you could see a bubble burst while the other area might surge.