I am certain that many of us would like to return to the simple earlier lifestyle that we enjoyed.
They were good days and I do feel sorry for the younger ones growing up that they will never experience those simple pleasures that we had in a safe secure world.
But there is a massive marketing program out there to encourage everyone to buy, buy, buy. Some people call it progress. I know that it is not possible to put the genie back in the bottle so suck it in and get with the program.
When property prices go so high that they are classed as the most expensive in the world and yet as we have an almost unlimited land supply and and experienced work force so there is no justification for those high prices there can be only one result and that is prices will fall to a sustainable level.
If people have not borrowed too much and they can continue to repay their mortgage they will not lose any money.
You only lose money when you trade in housing ie an investor, and if they get caught with their pants down that's their worry not yours or the wider community
Your quote : So you will enjoy watching your parents (assuming they own a house), your friends and your friends parents all lose their wealth?
This will only happen if they were greedy and expected to make a killing on the market, they only have a paper wealth which can only be realized by selling, consequently dealing.
