no one seems to discuss the effect of LOCAL /state govt on all this. Here in TX the property taxes HAVE to put brakes on the market sooner or later. Some areas have tax rates of over 3.05 /100 assessed value. Take a $400K home and you're gonna pay $1000 per month in property taxes. Gone , Vanished , good bye. AND they have authority to raise your appraisal 10% PER year. so in 7 yrs, you now have an appraised 800K home and pay $2000 per month. THAT will burst any bubble !