is possible. I still think it plays out more like the 70s. There will certainly be a short-term correction as new construction will grind to a halt and buyers are going to pull back. But as you say supply is still low and costs to build average SFH are not going to go down significantly unless we have another great recession.

My prediction is for SFH in the 400k-700k range were market rents support the current cost structure in most cases. High end homes will drop more and potentially townhomes and condos.