[cudgy]

“Houses can sit empty without tenants for years but they’ll only go up. Companies can be unprofitable for literal decades but they’ll keep finding funding and buyers. Commercial properties can bleed tenant but the prices will only be up.”

This is not sustainable over the long haul and is basically asset holders holding out for better days (e.g. waiting for the Fed to lower interest rates to recreate the frenzy). In the meantime, cash flows and operating profits are going to get hammered until those with the shallowest pockets can no longer keep up the charade, and the fire sales begin.