And if your rents don't climb as fast or faster than the value of the home, the opportunity rate (ie your cap rate)is going to shrink over time (right now, it would be 3.1%).

So, just as California isn't actually about to start shrinking even as growth crests, so it goes with the trendy cities.

I can buy at steep discounts well below the cost to build in markets that are popular areas to live and where the population is growing not shrinking, where the job market, although hit, will rebound.

Also worth noting is MHPs, generally speaking, are shrinking in number as many municipalities aren't allowing new Park development. 

This woman is no shrinking violet. 

@Tom Conant, you asked: "What happens to everyone’s ‘investments’ when the market no longer grows or shrinks"?

I'm not a shrink, but I did read a psychology book once!

Right after putting in the total assessed value parameter the list shrinks down to bite size.

I am no shrinking violet!

Carton Sheets' "How to buy Foreclosure properties for pennies on the dollar" in pristine condition, shrink wrap intact.Dave Del Dotto - dittoRuss Dalby - dittoI did keep the book on mail order profits, 'The Lazy Man's Way to Riches'