Re: real estate questions....
I agree with essentially everything you in your post except:
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It's basically a gigantic Ponzi scheme.
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"gigantic" is an excellent adjective; but "Ponzi scheme," connotes criminal intent. "Giantic musical chair game" or "greater fool" would be a better way to describe the game.
People running Ponzi-schemes" have can go to jail, but the real estate market bubbles are just greater fool games.
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