Yeah I agree, I just don't really think the supply side was particularly important back then. I think it probably is important in Dublin today, as the whole construction industry went into NAMA and nothing got built for 15 years, but that's another story...
But, I mean, that’s still demand.
In the 2008 crash impossible to separate the drop in demand and tightening of lending. The two were in the same death spiral feeding off one another.
But it very much was a story of fewer people wanting to live in an area than there were houses for sale.