Supply vs. Demand

Is it stupidity, or arrogance? Americans still confident in home values: survey. The bust has only just begun (Carpenters hit song?). It's not hard to imagine, that in the most frothy markets values will fall 50%+ from their stellar peaks over the next few years. As long as there have been markets, there have been booms and busts. The rules sure haven't changed in the 21st century WRT U.S. home values.