The Housing bubble is now a fact, as illustrated by the graphs that can be found here,  such as the this one below showing the composite home prices in 10 major markets over the past 15 years…

How low it will go is anyones guess.

However I doubt I’ll be shedding any tears over those poor saps who signed up to interest-only low quality mortgages on overpriced homes, all because they thought they could make a fast buck by selling said home to the next schmuck 6-12 months later for a big profit.

What’s that you say?  You’re upside down in your mortgage on your $800,000 loan for your Mc.Mansion that has a true value of maybe $375,000?  Boo Hoo.