How come no one is concerned about the 40,000+ real estate agents who were 1) manipulating the markets and 2) had some skin in the game who will now mostly be unemployed due to the slow down? Furthermore, what about all the people using HELOCs to buy shiny things? I think these factors will cause the market to be hit even harder. Serves them right in my opinion. Oh wait, our housing market GDP was also 12%.