[lelio]

Crash by Robert Beckman
Can't find this book, Amazon lists some other titles from 80's by Robert C Beckman but not this one.

[Tokhtamish]

Beckman missed his calling. He should have been writing screenplays in the '40s.

The housing market is borne ever higher by expectations of it going ever higher. But once the consumer loses his optimism that next quarter things will be OK, once the employed consumer starts to worry about his own job, once he hears more and more horror stories about middle aged professionals destituted after nearly a year of unemployment being reduced to the jobs of 19 year olds, he pulls back.

And there are always houses that have to be sold at whatever price they can fetch. People die, people move, people get divorced. Once the price of these houses drops the entire housing market crashes.

I believe this article. I have been expecting housing prices to crash for nearly two years now.