Risk:
Good article. My only significant objection to it is this statement:
"But a reason that a speculative sell-off is not likely to lead to a bursting bubble is that unlike stocks, where investors can panic and sell large volumes in a matter of hours, owners of real estate will only slash prices so far. "People resist and don't sell," said Mr. Case. "It tends to stabilize prices."
Taken in a vacume that may seem reasonable, however it does not address the FACT that the ratio of properties that ARE NOT BEING LIVED IN is far higher than ever before. If everyone were truly living in every property, then we would have a lot less serious problem.
But, the fact is that tons of properties (inordinately high in condos, but not exclusively condos) have been bought as second and third homes or as speculative investments. There is NO bottom as to how low those people will drop their prices to get out from under a crushing debt or payment.
Len
Market Data 
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