I qualify the business cycle as in the middle of a meltdown. People who actually need housing, who ultimately provide the base for the market even if there are empty units for investment, almost all borrow. They don't end those borrowing parties arbitrarily -- there are still consoomer to fleece. Though I think the timing can be manipulated. They end the cheap money party because something else is about to give. In this case, I suppose the rate of inflation threatens to head into disaster territory.