Since 1930s, recessions have been inflationary with surges causing a recession.

BUT now asset prices are too high so NOW rents and house prices can both go down which was not the case in 2008 recession or others since 1930s.

Delinquencies up…credit cards lead and mortgages follow 1-2 years later…

AND multi-family (commercial) rising fast from 3% last year to 7% 2025. Offices are at all time high.