Reply #2: "Housing is incredibly affordable at the moment due to the low interest rates and good valuations"

[stockholmer]

A 4 or 5% 30 year mortgage on a house that stands a good chance of losing another 30 to 60% in value over the next 5 to 10 years is not "incredibly affordable". Underwater is underwater. I think the average house in the US still has a long way to fall in value as the overall economy further collapses. The industrial base is not coming back, and eventually the public/private debt load will crush what remains for at least 80 to 90% of the population, not to even mention the looming huge inflationary pressures building up, followed by deflationary collapse.

These events may be strung out for several years, as the can is kicked down the road, and the US dollar is enforced at gunpoint/wars of empire as the continuing global reserve currency, but the systemic tipping point has already been passed, and there is no way to avoid the system (in its current form) melting down.