Hysteria

Housing Prices Expected to Bottom in 2010, 21% Off '06 Highs

Everything is relative. You overlooked the fact that the population is increasing faster than the supply of homes, the fact that there has been inflation through the entire run-up, the fact that the quality of homes is increasing

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Exactly the kind of rubbish sentiment that started the housing bubble in the long run. Remember, in the long run houses retain their value in real terms, they do not appreciate. For this crash to be over prices must fall back to their historic norms, which even with high inflation will be much more than 21%.