Well, the latest data I saw showed median home prices still rising in the bay area. Although that probably just means there are more high end homes vs. low end homes. I don't really know.
I don't think 10-20% drop in home prices over the next few years could be considered a collapse of the home market. It'll become more of a buyers market, building will slow and even stop in some areas, but I wouldn't call it a collapse. I'd call it a correction. I know you didn't specifically call for a collapse, but many around the boards are.
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