I agree with your sentiment, but I think a further problem we have today as opposed to 10 years ago are the prices compared to income. Someone who borrows $500K puts themselves in the risky position of having no choice but to sell their property if things turn bad. They do not have the luxury to wait 6 months plus to sell their property, and this in turn puts extra downward pressure on prices. I think a lot of people will be burnt in the next few years.
