you are absolutely right ! but...how about someone is over 65 years old who has no 20 years to wait for price to appreciate. just take daily gain is good enough!
I use Mexico as an example but Brazil more sense. Because once the paper pushing insatiable pigs cross a certain line trying to enslave the masses financially, the gangs will rise. Brazil's gangs have more soldiers than the army. And there are a lot of people with guns in this country, big powerful guns. Watch gun contol. The real estate isn't going down to zero, somewhere there is the intrinsic value. However the money supply keeps on trucking up and up. In nominal USD terms, it has to go up. 90% only think in nominal terms, like the starter of this thread (and every other housing doom & gloom thread). However, the picture you posted, those high rises are worth sh*t. In 5 years, that area will be ocean. Already happening along the coast.