angry bear surveys
what might come in the aftermath of a burst housing bubble.
Housing "bubbles" typically do not "pop”, rather prices tend to deflate slowly in real terms, over several years. Historically real estate prices display strong persistence and are sticky downward. Sellers want a price close to recent sales in their neighborhood, and buyers, sensing prices are declining, will wait for even lower prices. This means real estate markets do not clear immediately, and what we usually observe is a drop in transaction volumes.
for what it's worth, the number of real estate "for sale" signposts on my five-minute walk home from the L has jumped up to five.