I think we’ll see lawsuits against builders, NAR, CAR, and realty companies for exaggerating the profits to be made (“real estate can’t go down”), title and escrow companies, builders for shoddy construction. Buyers who were fooled by builder salespeople who hid the available lots on a separate sales sheet, broken promises of schools/shops downtown,…
The largest lawsuits will be against lenders for not properly disclosing the loan terms.
Then there will be lots of surprises. Who would have guessed Enron and MCI would ever be in the hot seat? How many homebuilders violated SEC or options rules, despite just building cheaply and exaggerating/hiding their losses? It will take several years to hear the biggest cases.