Lots of borrowers don't have jobs (aside from being 'landlords'), but are just leveraging existing equity to buy more RE. Mortgage lenders have been very generous in considering cashflows from rentals as part of income for the past number of years. One big lender got in a lot of trouble for doing that last year and had to be bailed out.
Peak was a few years ago. Stagnant since pretty much, although down recently as supply overwhelms demand and hoarders lose interest.How can it not have been a short-term peak? By saying so, I'm not precluding it could have been a medium or long-term peak in the future, right? It's almost impossible to refute this statement so not sure what's ticking your OCDness!