There are a number of posters that seem to think it would be armageddon, ie the end of the world as we know it
Sure there will be losses but IT HAS HAPPENED BEFORE and the world did not end
All markets go up and down, 50 years ago they went up and down on a very slow oscillation, now the changes are more dramatic, we have had a much larger than normal lift in property prices so even if they dropped 40% prices would only go back to being close to the normal range.
40 % is not my figure but it is the figure most often quoted
It will not be the end of the world it will be business as usual, some people will have made money some will have lost
Likewise 50 years ago there were very few of the average mums and dads who were investors, now everyone considers themselves to be red hot investors so they have to realise that sometimes you have to just accept your losses carry on
