Just a quick note to remind those that think the housing downturn will not be severe or long lasting. This is by far, the most severe real estate boom since the tail off from the US gold rush. It probably bests the gold rush as well, but I didn't access data going back that far.
We have 50% to fall before we even get to the top of the 2nd largest bust in the early 1900's. This is graphed from data on Professor Shiller's web site.