I think that the Internet and the information available today will speed the crash, not slow it down. People will now be able to compare houses and get the best deal just like they do for electronics or cars.
The only reason prices have escalated in the last few years is the expectation of gains. Once that expectation is gone, prices will drop like stones. Think of all the people holding houses as “investments.” They will unload once they realize that holding on will cost them thousands per month with no prospect to recoup the losses. How much does a house have to appreciate to justify $20,000+ per year in holding costs?
