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According to bear folk-law, employment can follow house prices. Houses go flat, people stop trading them, banks stop lending, and development slows. Now there's less money washing around the system, as grey nomads become less able to spend their kid's inheritance (as there's just not as much...

Troll ahead - I'm too lazy to track down any info on recourse vs. non-recourse price falls, so I'll just rant. Some US states are non-recourse. Some are recourse. And it depends on your definition of "recourse" - laws can actually be kind of complicated, so you can't just say "Australia has...