Minus 20-25% would be ideal — enough to erase the past 12 months of frothiness, but not necessarily enough to cause the Fed to cut back on tapering if stocks level off afterwards.
I suspect that the Fed wants a hard correction, just not a 40-50% crash at this point.
Bonus points for Piggs if:
(a) the media gets in on the game. “Stocks falling, property prices falling again, don’t buy now, panic, panic, fear.” The lemmings will follow, smart people will act to the contrary.
(b) some people considering buying property will *have* to hold off.
