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Here is the single biggest problem with the "sky is falling" argument about the bursting housing bubble.
People gotta live somewhere!
The US population is still growing!
There ain't no new land to be found within our boarders!
Therefore, long-term demand will go up. Most of the time housing demand will go up faster than supply and prices will go up.
Until some high level economic guru addresses that argument, panic over short-term market volitility is an excercise in trivia on a macro level. On the flip side local markets are a different animal governed by thier own market issues.
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"Democracy is two wolves and a sheep voting on lunch."
"It is useless for the sheep to pass resolutions on vegetarianism while the wolf is of a different opinion."
"If you live among wolves you have to act like one."
"A lady screams at the mouse but smiles at the wolf. A gentleman is a wolf who sends flowers."
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