You’re right. For the US the housing market was the last of our industry that could not be exported and it will never return to demand levels of old. The next housing shortage will be in apartments. Watch for government Guarantee Loan Programs for apartment building which will create a new housing bubble. the government needs to get out of the Bailout programs and let the free enterprise do is work.
I remember my first mortgage payment of $115.00 a month.
It was tough to make but I never fell behind.
Todays mortgages are in the $1500 to $2000 dollar range and if you fall behind you owe $6,000 dollars.Add a $500 dollar a month car note and your hole get’s deep real fast.
Not too many parents can bail you out of that kind of note.
I live in the WDC area. You would be shocked as to how prosperous most are around here. When are all of you going to awaken and starve the beast? However, in the meantime, get to work, shut up and make sure you pay your taxes. Let the good times roll.