"people paying down debt in record levels" .. because they have more of it - debt:
"Notice how all the bears are either waiting to buy so want a crash, or have just sold and are worried they have done the wrong thing..." wrong again ...
" If property gets too expensive people will look elsewhere" .. um where ? it IS too expensive and its still getting more expensive .. Sydney market is parabolic. However Gov bonds are yielding less ... some are even negative.
If you think its all good here re house prices - you are a lunatic. period. If you can not see the time to deleverge is now - you are a lunatic .. period. If you think we have a hosrtage of hosues - that again is lunacy.
But to trump it all .. once credit markets freeze up then it lights out for housing and jobs ... the government will switch into full bailout mode.
and yes .. I know ... it hasnt happened yet .. unfortunately that just means we are further in the sh*t than we should have been! Deleverage people ..
