In comparison to the comment “we’ll stagger along badly from this point until the final depressionary trough in 2026 ” (in my second-last post), Phil Anderson sees a recovery in a year-and-a-half to two years–against the current herd mentality–before land prices crash about 2026.

Anderson is worth watching in Martin North’s discussion, because he does understand the role of rent and land price in the workings of the economy.