I was shown this web page and was stunned by it, and thought it was worth sharing:

http://www.dailykos.com/storyonly/2008/11/12/155056/91/449/659578

It might not have a lot to do with housing, but it has everything to do with our credit crisis and that my friends impacts everything.  A couple of the charts here really make you pause.  Its insanilty really and I can't really blame the ecomonists who study this stuff and are so pessimistic about life and the world. 

To me this is the key phrase:

"a parabolic spike is unsustainable"

And that has EVERYTHING to do with housing.  Think California, Arizona, Nevada, Florida.  Think of housing prices going up 25% a year for multiple years in a row.  Think of greed.  Its all there.  I kept telling buyers coming in from those other markets that their growth was not sustainable!  Not in a million years can housing prices double in 2-3 years.  Duh. 

Housing in Parker Colorado didn't follow this trend of course, so we are lucky!  I'll take 2-5% yearly growth anyday!