In my neck of the woods I would say a 5-15% drop in house prices is just about right. Which is good( atleast for this area) the prices were just a joke.
I really think the "bubble" will burst when all these ppl that bought there homes for outrages price, start to defalt on thier loans. Most ppl that have bought homes in the last few years are ONE MONTH away from losing every thing. Think I am wrong??? how much to you have in your "rainy day fund"?
Could you pay your bills next month if you lost your job monday? Now I don't want that to seem as attack, I am just saying that almost every 1 would be skrewed if lost our jobs. I know I could maybe make it a month but thats about it.