On the one hand, great news for those of us locked out of the housing market. If the West actually believed in free markets, prices would indeed fall back towards their natural equilibrium. Making a home actually affordable for millions. On the other hand, as most "wealth" is locked up in property, the politicians will run squealing to the central banks demanding they "do something" in fear of voter rejection, as many voters now believe in the free lunch after a decade of QE. So yes, the printer will get turned back on, and the housing crisis across Europe will get worse.