Schiff says, "I think speculative buyers are leaving the market and there is no one to fill the void because the real buyers are absent. If you look at the recent home statistics the percentage of homes bought by first time buyers is at a record low and in fact home ownership amongst individuals is at generational lows. So prices have to come down dramatically from here before real buyers can actually afford to buy all the properties that have been bought by speculators. At some point the speculators, if they cannot collect enough rent to cover the cost of ownership, they are going to be selling these properties, and look out below because when they put these properties up for sale, again there are no buyers anywhere near the current prices."
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