A big factor in the crazy prices we have seen in the real estate...

A big factor in the crazy prices we have seen in the real estate market has been this "can't lose attitude". This irrational belief that if you buy a property, you just can't lose! The flow on effect from this is that now many owners refuse to see reality and will cling onto unrealistic selling prices for a while, until the icebergs arrive(ie interest rates, and the mortgagee sales) and will go down like the titanic (ie the ship that could not sink)!