There is nothing remotely "normal" about the echo-bubble's rise, and we can anticipate that its deflation will be equally abnormal.
The echo-bubble doesn't pass the sniff test as a "normal" housing recovery. Exhibit #1: who's buying and who's not buying:
Take away the Fed's zero-interest rate policy (ZIRP), its free money for financiersand foreign buyers seeking a safe haven for their hot money, and what's left of the supposedly "normal" housing recovery? Not much.