housing to devalue 40 to 60 percent, page-22

Mmmm. David you'll note I said 'I'd like to put forward some opposing views'.
40-60% unlikely? Across the board - Seals is probably right.
Can it happen in certain suburbs? In my view - yes, and not just in the mortage belt. One suburb back from the beach is in trouble, in my opinion.
Remember that leverage that worked on the way up will work against you on the way down, irrespective of where you live.
Lots to pan out yet, imho (obviously).
CJ