Real estate values are dependant on interest rates. The interest rates are at their low, and will only go up. This will sap the equity out of homes again. Back a generation or two ago people never considered houses to be investments. They were depreciating assets. We are about to go back to that.
Ha, yes in a sense “we” are getting some of that Walmart money back.
To be fair, Sam Walton did try to stock WalMart stores with 100 percent USA goods. They had to abandon that campaign when so many shelves wound up empty due to lack of remaining American manufacturers. Since then, the company has become the leading importer of PRC-made merchandise, of course.
If the Communist Chinese regime re-imposes effective currency export controls, that will reverse the realty bubble into a direct downward plunge, due to the relatively light domestic demand for housing (in real economic terms).
Also, as you say, when interest rates rise again (which will happen if and when the current domestic regime decides they can’t print any more fake paper “money” . So far, amazing as it may be, they’ve gotten away with it. Still ,most of it has been inflating the stock market rather than real estate, if only because the stock market is the banks’ primary investment arena for surplus funds.