Who Loses When Real Estate Prices Decline?

1 - Homeowners looking to sell houses and downsize, or those who confused homeownership with an investment

2 - Real estate professionals who make money based on high turn-over, inflated commissions based on high home vales, and peddle the illusion that buying a home constitutes making an investment

3- Lenders who extended too much credit based on inflated home values and investors who purchased those securitized loans

4 - Everyone with U.S dollars as the Fed tries to prevent home prices from falling and bail out irresponsible borrowers and lenders by creating more inflation

5 - Government as it collects excess taxes based on inflated home prices and frequent turnover