Already happening around me as the price of construction has been going up, while the value of homes is flat. Empty lots zoned and permitted for apartment and condo complexes lay empty.

I think with the amount of corporations and existing homeowners buying homes that the demand is strong enough to keep prices high no matter what happens. There are billions of dollars set aside to gobble up homes in the event of a price drop. In my area, 20 percent of homes are owned by investors and realtors delist homes that don’t sell as opposed to drop price.

On the other hand, it'll get cheaper to build new houses as material and labour costs should fall. Might be hard to get finance though.