[dwg]

Essentially agree.

Nonetheless, if reports are to be believed the post-rule change decline is significant, and I can’t help but wonder how big of a positive feedback loop—in other words a bubble—was being created. The gap was, after all, built up over several decades.

The usual culprit you mentioned, perhaps aren’t as much of a factor as we usually ascribe to them.

Just speculating.

Thanks for sharing the report.