It really feels like Dutch tulips right now as retiree-aged money looks for a supposedly safe haven. And probably there is enough of that money to saturate the market for another decade or more.  It is certainly working out for private equity that bought up a bunch of cheap-ish starter housing in the past 10 years.

I get that for 40 years maniacally levering up has worked in steadily declining interest rate environment and that interest rates now look just average-ish, historically, but the people who guessed wrong 50 years ago aren't here to caution anyone and there are a bunch of 70-year olds who seem willing to work for free and accept a zero or negative rate of return on their money with these land prices, and a bunch of them are well-heeled enough that they can maintain that position for a while to work out of that debt service.

What happens to our strong economy if the fed.gov quits juicing it up with huge deficit spending?