The Bubble Bursteth

Housing is going to plummet at a speed not seen since Dorothy entered Oz airspace.

I've been telling folks for well over a year that house prices can't stay sky high forever. Right now the average price in Los Angeles is creeping toward the half-mil mark. Not sustainable.

People have laughed at my prediction of a burst bubble. Stop laughing. Read this. Even if you rent, or sleep on Dad's couch, you'll be affected -- the refi boom was the foundation of the Bush pseudo-recovery. Without that boom, the economy will do what Wile E. Coyote does when he notices that he has walked off a cliff.