Are the 77 million baby boomers going to live in $500,000 houses on their average Social Security checks of $1000/mo?
I dunno. I've watched suburban sprawl and driven down mortgage rates put a lot of people into big pricey homes who cannot really afford them. I see a complete collapse of the housing sector in the next decade. The sooner the better IMHO. Do away with tax deuctability of mortgage interest too. You'll see housing prices drop back to affordable levels and the murderous desire to "pull equity" out of your home because you just needed to have a new house, and a hot tub, and a jet ski, and a bass boat, and a summer cottage to get away from the home in order to destress over all the debt you racked up by pulling equity out of your home.