5% (what we have now), 10%, or even 20% correction is routine when coming off an overheated market. This correction has been engineered by the Fed in the first place, make no mistake. Asset values were getting out of whack with the real economy, and the higher they went, the worse the damage a future correction would do.
Let some water out now, or let half the county be flooded when the dam breaks in a month. If you’re talking about property tax revenues, they’re not a problem nationally, since most states don’t have Prop 13 and taxes are quite often not based on last sale price.
