I think that we are making a mistake by thinking that the real estate bubble is a one item event. I believe that its going to hit in other ways first, Stock market crash, banking collapse, foreign exchange panic, massive unemployment, war,take your pick.
Whatever combination that it might be, it will drastically change our mind set about the future.
On the way up, every stock bond or house has an owner, the same is true on the way down. When prices are revalued downward, money evaporates from the monetary system.
As for the time span, its kind of like the kids in the back seat asking “are we there yet?”
