The Wolf eventually came didn't it? I don't follow or read what...

The Wolf eventually came didn't it?

I don't follow or read what Massey wrote so I don't know, but being "wrong" so far doesn't mean they're wrong.

There are many factors, many interested parties, many rich and powerful people, people who move markets, make policies that encourages reckless behaviour etc. etc. Move the market in a certain way long enough and it'll take on a life of its own. So there's no way anyone can predict the timing or magnitude of people's dreams and hope, the length politicians goes to to catch an entire generation into a lifetime of debt and servitude.

When the average property prices is some $800k to $1.2M, yet a couple on average wage at $80K could manage to leverage their one somewhat-repaid property and borrow enough to buy 5 or 8 more, you'd have to be drunk and high on meth to think nothing could go wrong.

The median wage is some $80k, work for 30 years and that's $2.4M. Pay no taxes, spend nothing and in a lifetime a person on such wage could pay off the current mortgage and its compounding interests. If they're lucky and the other partner earn as much, don't divorce or get sick... anyway.