Yeah, I was just going to say -- look at places like Greece. The home ownership rate is about ~75%. It's pretty common for people to own multiple homes, too.

The average Greek person is not wealthy, but the value of these homes is not insignificant either. Mostly, Greek people live like they're poor, even though -- in theory -- their real estate holdings are worth a small fortune.

I met a Greek lady with 4 houses, one of which was on a super desirable island now -- worth well over $2.5M. She can only afford to visit the island once a year for a week, but she refuses to sell the house. Not because she's speculating on the value continuing to increase. Just purely for sentiment.

People are strangely attached to homes. And also (most) people see homes as good investments. Recent history is really working as confirmation biases for that. But long-term, objectively, housing has been an okay investment.

I just can't see all that collapsing because of a little downward pressure. Especially when it DEFINITELY hasn't happened in most aging countries.

One could argue that it has happened in Japan. But Japan's real estate boom in the 90s was truly unbelievable.

So it's really hard to say if house prices have gone down in real terms -- or if they were just so ridiculously insane in the 90s that it had a long-lasting anchor effect on prices ever since.