Second-guessing asset prices is not easy, but at least in the case of housing, pricing in nonboom times is not dominated by speculative considerations. That indeed is why the prices do not snap quickly to a new equilibrium. The duration of price corrections after property  1  Cf.
The effectiveness of a particular policy will always diminish and render obsolete along the way, and therefore it should be evaluated, aligned and even modified without sacrificing its main principles. 6. In a very dynamic world and in the face of uncertainty with all of its possible risks, our creativity and ability to explore possibilities through simulation will be tested.