aldabra: (Default)

[personal profile] aldabra 2022-01-20 03:03 pm (UTC)(link)
I've been expecting for a long time that the thing that will burst the housing bubble is food and fuel price rises. Housing has absorbed all the spare money while food and fuel have been absurdly cheap by historical standards, but food and fuel are much less elastic. And the housing market is highly leveraged; when it contracts it can contract a very long way.

But I expected it to be triggered by peak oil and climate change; I thought the pestilence would be along later.