us home prices keep crashing same here soon, page-28

Housing prices have already fallen somewhat...but I don't think they will crash for the following reasons.

First, employment is still high.
Second, supply is constrained - completely different to the US situation - look at rents recently in major cities.
Third, population is growing - and immigration is still very high. There is going to be an undersupply, especially given the slowdown in new builds.
Fourth, sure the baby boomers' wealth has fallen - but this must be balanced against their ability to service their investment housing loans through tough times.
Fifth, there are many young people living at home and renting, saving. They will rush back in to the market once interest rates fall.

This is not to say housing price wont come off a little more, but I think prediction of a crash are not warranted given the massive differences between US and Australian context. If commodity prices fall and unemployment rises dramatically, things may change. But RBA has a hell of a lot of wiggle room to stimulate the economy and China and India will keep demanding our exports as the their GOVERNMENTs (not their private export sector)continue massive investment in cities and infrastructure (i.e.most of our iron ore will be used domestically). Also, remember those hsuge forex reserves that can be drawn down too...China won't be letting input shortages stall their growth.

I think the best bargains will be in the inner city apartment market (I live in Melbourne and think Footscray looks pretty good). Some of these areas have attracted overleveraged speculators, who are being forced to sell. Also, these are the areas people will increasingly want to live with rising transport costs.