You're right on that one but when demand is coming from foreign investors and investors looking to make a quick buck, it's a false sense of supply and demand.  Funny how a month after gov't policy there's lots of homes available.  Where's the supply and demand issue now?  If you remove the foreign buyers and investors, there is no housing shortage but lets just allow history repeat itself from 89/90 only that it will be much worse given our ridiculous debt levels.