The biggest unspoken factor in current real estate prices is uncertainty about immigration. Immigration, substituting for our sub-replacement birth rate, has been driving the real estate market, providing a continuing flood of people entering the bottom of the market and allowing everyone else to "move on up". Without this, real estate will revert to its real value, which is what people are willing to pay out of cash flow rather than what they can pay out of their increasing equity.
Let's resolve the immigration crisis, cutting off the flow of illegals, and replacing it with a flow of deserving, capable, legal immigrants.
“Let’s resolve the immigration crisis, cutting off the flow of illegals, and replacing it with a flow of deserving, capable, legal immigrants”
Bingo!