I think it will gradually deflate but i think the market that is dependent on a constant expansion of this housing bubblette will not behave favorably to any amount of deflating in this bubble.
The market is geared to the most dangerous of concepts, constant growth/constant expanding, a market that prices well into the future is a market, that in these times, a market that has its' movement upward predicated on future growth projections is a market moving to the land of OuickSand.
The other crippler built into market priced to the future is the WS HUCKSTERS to sell sell sell stocks must lie lie lie by big talk about things are great; growth is just going to be Great!, as Tony Tiger would say.
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