You're an idiot. Our population is aging and cashing out their assets, including their homes. Our population is not reproducing. For many years, it was ONLY immigration that was keeping our population and HOUSEHOLD FORMATION growing, therefore. When Household Formation grows,demand for housing increases, when it collapses, housing prices collapse. If you wonder why Arizona is in such bad shape, you just have to look at their backwardness as to people from other countries. Backwards.