I'm predicting a drop in price that will bring real estate back into line with inflation and GDP. That's a huge drop no matter which way you slice it. Sure some areas will be spared the carnage, but overall we are talking a huge hit to both real estate and the larger economy.
Please be more specific. What do you mean by "a drop in price that will bring real estate back into line with inflation and GDP."? I'm not sure what you're saying there.
GDP will increase (even/especially after a recession). Inflation will increase. Even without those considerations, drops are not inevitable, stagnation is just as likely an alternative as sellers refuse to sell and lenders refuse to foreclose. Also a lot of lien holders are also interested in real estate, not just payments. There's a fair number of them ready to snap up any desirable properties they can get their hands on. They will then hold them until the next bubble.