Probably one of the biggest differences is that banks aren't throwing out equity loans at a record pace; supported by ever-rising, ungoverened, appraisal values.I'm not an economist, just my observation as someone who was on the receiving end of a lot of those equity loans in that period of time.

The clarity of Greenpan's line of thinking caused at least one economist to break down sobbing.

All this spells bad news for both sellers and buyers.That report was buttressed by a news release two weeks ago from Sam Khater, Freddie Mac’s chief economist, who said: “Higher mortgage rates will lead to moderation from the blistering pace of housing activity that we have experienced coming out of the pandemic, ultimately resulting in a more balanced housing market.”https://www.eastvalleytribune....

Real estate is supply and demand, while we will see an increase in supply and somewhat less demand, I don’t think anyone is predicting a crash but buying opportunities especially as cash gets harder to come by.My recommendation would to follow data especially in your market as several economists view any softening more MSA based than nationally based.

I don't have it anymore but I had a really interesting graph a local economist I met with made showing SFR demand vs Renter Demand going back to the 60's and in history they were making waves and for the first time since back then they were going up together.

I know not want people want to hear.I have benefited from the mortgage interest deduction on my primary, but I do see the economist's point of view on its inefficiency in that it encourages debt, which we don't want to do.Same for the 1031, as I'd be a big beneficiary in the future if I want to roll my gains on my apartments into bigger commercial property. 

Joel - I just started reading economist Harry Dent's book, 'The Demographic Cliff - How to Survive and Prosper During the Deflation of 2014-2019'I'll let you know my thoughts once I get thru it. 

Fredrick Hayek, renown economist, wrote about this in his book 'The Road to Serfdom.'

"U.S. home prices will begin a gradual recovery by next year according to a survey of 92 economists and other housing analysts" ....

John quotes Economist Bruce Yandle, “Right now bank lending is stagnant, and loan activity is always a indication of growth–new housing, new cars, expanding businesses, and more”.Better TermsIf bank managers are correct, expect to have a slightly easier time getting credit for your business.