I am still bearish on todays real estate prices but I have to disagree that real estate usually corrects quicker and deeper, historically it does not. Usually it lays flat or has small declines and over time inflation allows incomes to catch up. Homes are a little different than other assest classes because a certain number are needed for people to live in, we can live without shares of stock. Everyone can’t sell, some own outright and some have completely affordable fixed payments so they have no need to sell (throw in the fact that my kids don’t get mad at me when i sell a stock but moving the into an apartment and to a crappy school away from their friends as an investment decision has far more negative repercussions than selling my microsoft shares, plus the hassle of moving and the 8-10% cost of a R/E transaction make them not fluid). Finally there is a hard floor price at some point in pricing, when owning is at or near the net cost of rent (which it is not currently at) people will buy, I’ve had stocks go to zero but never R/E. What I will completey agree with is that we live in interesting times and we have defied history over the last four years, the pendulum swung right through the side of the clock so to expect the backswing to follow historical trends when the upside did not, defies logic. One thing is for certain, it will be very interesting and the media machine currently in place is far different than what we had in past cycles so get some popcorn, it may be a very good show.