Maybe the housing market will work out like the farm land market did in the 80's? There are a lot of similarities. Over leveraged owners of over priced real estate. It took a number of years for farm prices to work their way out of the slump but they did eventually. I have read before that when bubbles deflate, it takes a LONG time for them to get back to where they were. Think NASDAQ and the dot.com bubble.

John