I totally agree with you on this one...but I have had the opinion about housing being at unsustainable levels for a few years. I could be wrong.
It is possible for house prices to dip a little in the short term due to the FHBG being reduced to the default level and interest rates on the rise, but I don't see a massive slide until people cannot pay their mortgages any more. For that to happen, people have to either lose their jobs, or have interest rates go up at least another 1-2%.
