Nowadays, hardly anyone talks about real estate at gatherings anymore—a true end of an era.

From what I remember, ever since graduating college and entering society, the most popular topics at group dinners were houses and housing prices.

In the early years, some were optimistic and wanted to keep buying property; others were pessimistic, thinking prices were too high and would eventually fall.

But in the years that followed, everyone was convinced by the rising property prices. Those who had bought houses were pleased with their decisive actions years earlier; those who hadn’t regretted hesitating and missing out on the surge. Especially during 2020-2021, almost everyone reached a consensus: housing prices would definitely keep rising.

In recent years, the situation has completely reversed. At first, people still discussed housing prices—some believed prices would keep falling, others thought a rebound was imminent.

By this year, people have stopped talking about real estate at gatherings. Owning a house is no longer a source of pride or a symbol of how much money one made—it’s about debt, negative equity.

Those who bought houses in recent years are embarrassed to mention it, afraid of being laughed at for being “chives” (easy prey).

Even when the topic does come up, everyone is full of regret, beating their chests and lamenting that their down payment has evaporated.

Now, almost everyone has reached a new consensus: housing prices will keep falling in the future.

Things reach their limits and then reverse; prosperity is followed by decline, and vice versa. There was never a property that only went up and never fell, and now there probably won’t be one that only falls and never rises.

Now that everyone has reached another unanimous consensus, could it mean a reversal is coming soon?