Housing Bubbles Are Not Like Stock Bubbles: "Unlike stock market bubbles, real estate bubbles don't pop. Collapsing stock market bubbles are characterized by a sudden collapse in prices because stock markets are highly liquid. You see huge volumes of transactions at ever lower prices during a stock market collapse. Collapsing housing bubbles, on the other hand, are characterized by illiquidity, a sudden collapse in transactions. Buyers and sellers seem to disappear."—AlwaysOn Network
Being a native Austinite, I've seen this happen before. It's not pretty. At least this time no one will be able to say they weren't warned.