Yep, I believe it. Florida will be one of the first to take a dramatic tumble. Here in the Dallas/Ft Worth area the prices have been relatively stable with small single digit increases. Florida can't keep increasing high double digits for much longer.
I did some searches on the Dallas area recently... I was amazed at the sheer number of really nice homes that are still available in the under 200k range.
True. We almost bought a house in Dallas for $140,000 in '88. That house is currently worth $170,000. The house we did buy in San Diego for $218,000 is now supposedly worth $750,000.
It's only worth what someone will pay for it. I certainly wouldn't pay $750,000 for this house!