There are some comparisons to be made, for sure, but I think there is just enough difference to keep us from having a repeat of the dustbowl and hoover-villes.

Primarily, that due to technology/communication (this blog is a great example) the mania/meltdown has been muted somewhat. I think the prime mover of Depression 1.0 was that things bubbled up to a greater critical mass before imploding. Plus, there was a huge stock market bubble built entirely on froth. RE should retain some fundamental value (or at least, I hope it does!).

Secondly, again due to technology, we enjoy a much higher quality of life in general than our fore-fathers did. So even if we have to do without the bling-bling, nobody is going to starve. Heck, we could use a nationwide diet anyway.

Finally, due to all the overbuilding, we’ll have plenty of shelter for all the unemployed human RE detritus. The government could probably buy up all of Temecula for 10 cents on the dollar after the market collapses and turn it into a giant work camp.

We could store former agents/brokers 4-5 to a room and have them make sneakers to sell to the future spoiled Chinese teenagers!