The thing I dont get about HHV people, and some of the cheerleaders against housing, is that there is a whole set of beliefs that go along with the anti housing vibe that I dont think make sense. One of the ideas being that we should all build bunkers and buy gold, guns, farms etc, the other being that they take pleasure in watching these 'debt lovers' get crushed if/when their loans get too big and they declare bankruptcy. On the one hand they preach how government measures will run out and things will deflate, but on the other hand preach how inflation runs wild and we need gold. (check the ad/links on whispers blog to see what I mean)
The reason I dont get it, is because I think a correction over a certain %age (im not sure how much) will destroy social fabric. The same debt lovers are the ones keeping things together!! No one wants your favorite restaurant to close, or downtown to be boarded up, or your kids friends to move to Nanaimo, but I think that could happen if housing goes down a lot. I also dont get how if you actually thought inflation was going to happen, why loading up on long term debt wouldnt be the best thing in the world.
The anti housing people here seem a bit more moderate though, so maybe my rant is pointless.
I am a "HHV" person as I post there often. I am not anti-house at all - in fact I have owned several and now and am choosing to wait the market out a bit before I purchase my next one - to when it makes financial sense, as well as lifestyle sense.
I don`t ever want to build a bunker, have no guns and no gold. I do not take pleasure in others suffering. Rather, I see a lot of people suffering now because they are drowning in debt. I would like to see the house prices here moderate to the point that they are somewhat more affordable for the average family.
I certainly hope that any loss in home values does not degrade out social fabric, but instead makes it stronger.