You might want to read the following for the bigger picture. I think what we are experiencing is a massive credit bubble. Real estate is just one of the major symptoms. The following requires some attention and focus to get through it, but I think you will find that it was well worth your time once you're finished. If you do choose to read it, I'd appreciate your comments--GGG:
http://www.findarticles.com/p/articles/mi_m2633/is_3_18/ai_n6276704
The author of that piece, Doug Noland, operates the Prudent Bear fund. He's a goldbug of the highest caliber, and operates a financial services business entirely predicated on convincing you how bad things are.
As the saying goes, he's predicted 10 of the last zero great depressions.
interesting read, but the question is, is he the guy who was selling all his technology holdings in 1998 or the one stocking his garage with y2k supplies and digging a big hole in the back yard? only time will tell.