all bears you must read this, page-23

Housing booms are typically over with no drama on the street. No pictures of real estate managers slumped in front of their shops. Inflation takes care of the pain. My guess is that most people in the us will not see their value of the house decline. But they still happen, just slower as sellers refuse to recognise what has happened.

"By region of the country, new house sales fell by 27.1 percent in the Northeast, 22.5 percent in the West and 17.1 percent in the Midwest. Only the South saw an increase in sales, a gain of 7.6 percent."