One thing I have seen in this thread is that anyone with a...

One thing I have seen in this thread is that anyone with a negative outlook for property is automatically assumed or labelled as someone who has "missed the boat" or doesn't own property.

Nothing could be further from the truth, property has been a wonderful way to accumulate wealth and put a nice roof over my head for a number of years.

But the US graph I believe is very relevant to Australia as asset prices (property is only 1 asset class shares for instance are already bursting) here have been bid up by rampant speculation to something way over and beyond what can be justified by normal inflation, affordability, demographics etc etc etc.

Anything that goes to far from the mean, ALWAYS reverts back to the mean (that's why it is the mean) and often overshoots to the other side on the way through the correction phase - shares are doing this now.

Property is destined to go backwards at a rate of knots once the recession to come bites hard and people lose their jobs. People are carrying extraordinary levels of debt and no amount of interest rate cuts or freebie handouts from Mr Rudd is going to save them.

The fact is that a correction will occur regardless of what the Government tries, in fact by delaying it and avoiding it they will only make it more protracted and worse for the punters in the long run.

Face up to what is happening, prepare for it, reduce debt, and wait for the next upswing cycle in a few years time.
For as sure as night follows day, we'll be all speculating and ramping another asset class sooner or later and the game will start all over again.