Well, now that W and the Democrats are going to amnesty every illegal alien that doesn't show up with a bomb or a gun, I think the housing market's going to reinflate, but that's just my opinion. As far as it being a bubble now, don't make me laugh. The Dot-Bomb bubble, now that was a bubble. Millions of dollars vaporized, thousands thrown out of work, companies collapsing like houses of cards because there was really nothing holding them up but hype. Houses may drop in value, and a lot of people who are overextended may take it in the shorts, but I don't have a lot of sympathy for those people - if you were dumb enough to buy a house with an ARM because you thought interest rates were going to be flat forever, you deserve the rewards of your stupidity. (I admit to refinancing my old house with an ARM, but I knew I was going to sell it before the initial rate expired. Different story.) The houses will still be there, they'll still be worth something, and people will probably buy them at the lower price. It won't be like pets.com and their orphaned sock puppet.