[groanup]

There was a vicious cycle of credit card spending then re-fi to payoff plastic then run up credit again only to re-fi to payoff credit cards again. That game is over.

I know. It was over in the '70's, 80's and 90's and now it's over again.

It will be over a few more times I suspect.

[prov1813man]

Saw the same thing in N California. Bought at the end of a slump in the mid eighties for $200k. Turned down offers near $500k in the late eighties. Dumped house on market in 93 for $340, house is now at $1m.

Anyone who has been around for the last 50 years or so recognizes this pattern. At some point in the next 5 or 10 years, armageddon aside, prices will be significantly above previous “peaks”.