Agreed. And the RE market tends to be optimistivally over leveraged in good times and is extreely sensitive to "correction" (we must never say the other "c word").

For the "the market always goes up 8-10% including the great depression etc" crowd, yes, I suppose it does. But those who put money in leading up to it were out 30 years not including inflation and 50 years including inflation and it was only the massive economy edangering government/FR fueled bubble pumps that have been providing those returns for much of the up swings that provide that average number.