my refinance because "rates could easily hit 0 and will likely never go over 3.5% again" now that the fed has discovered the impact of low rates on the economy. Hilarious. Didn't use him by the way.

Truth is nobody knows exactly what is going to happen but that is also why it is so funny that people don't think something like housing can take a turn for the worst. It can and will at some point, its just a question of when. There are always events which make everyone think they should have seen it coming but did not at the time.

If lots of people start losing their jobs in a recession housing prices absolutely will fall apart without government assistance. We all know that there are loads of families that will be in dire straights if they lose one income or can't find a job paying as much as they have been making at a bloated tech company with a constant VC funding. A lost job erases lots of security where a family has a huge loan no matter how low the interest rate they got was.