Yes, we are definitely in uncharted waters. Who knows what the future will hold.
My only ‘prediction’ that I’m reasonably comfortable with is that 2007 will be the year the bubble ‘pops’ and public perceptions shifts. How many years it takes for all this to unwind is anybodies guess.
If history is any gauge, then there will likely be big losses in a short time frame (typical crash), followed by a slowing downward trend as the more rational folks return to the market. There are alot of renters on the sidelines with money in the bank, remember!
