This Charles Hugh Smith fellow seems to have a pretty good eye on the strikingly similar trajectories of the 2 Housing Bubbles we've had foisted upon us this past decade plus.
I present his article closing statement without comment...
Now the gap between real house prices and real earnings is even wider than it was in Housing Bubble 1. History
(and common sense) suggest that housing prices will once again fall
sharply until the black line of house prices is well below the red line
of real earnings.
To expect anything different is unrealistic and highly dangerous to one's financial well-being.