Hey a 5-6% mortgage rate will be considered extreme.when most were buying houses as of recently under 3.5%
Real estate has gone too far, the next collapse happens in real estate. The run is about to end as it always does. So kick back and wait for it to unwind and get back in. The drop is going to be pretty significant
I really don't see real estate collapsing anytime soon. Everyone that has bought in the last year has a ton of equity. This is nothing like 2008. I believe real estate will stay flat as a worst case scenario.
S2007S would rather rent or live in a crappy small place because of the "next collapse". I don't know why he says the run will end "as it always does" that's not true at all here in Toronto the last correction was maybe 1992. Can you imagine someone renting 30 years waiting ? And the easy gains for owners with low risk as long as they aren't overly leveraged.