Swaam, If get the feeling you think we are in some sort of disgreement on this.
If we are in any disagreement, I would guess it is just in the magnitude of the potential pain and how widespread it will be, not that there might be some pain across certain segments of the real estate investment community.
It is of course, not very sensible to attempt to predict the degree of potential pain, or how widespread it is.
My feeling is that the more sophicticated sensible investors (this could be interprested as code words for those who havent bought real estate recently) will not feel too much pain, except maybe for a possible loss in paper value from the peak.
Those who have got into real estate in the recent run-up, might have to adjust to some new realities.
