It took 75 years and the corrupt NAR, Mortgage Mob and a whole bunch of Housingflippers (sorry I meant real estate moguls/investors)for a NEW RUN on the BANKS.It was only a matter of time but it is a VERY important economical event: Northern Rock (UK bank) gets overwhelmed, savers want their money back. Next in line (American big bank) is Countrywide. Diversify and be careful out there.
UPDATE: I watched some movies from the BBC on Yahoo! finance regarding the Run on the Northern Rock Bank, guess what the commercial was after the news report ... Countrywide financial offering No-Cost-Refi... indeed the USA is the land of the brave!
Look at this post of Friday 10th of August from this blog, seems that 3rd phase was no joke after all :-) A few weeks and we'll see those rows at Countrywide in the USA.
No blood in the streets yet, only panic:
Oh, this is the reason for the housingcrash, but that was pretty obvious of course... 
It is NOT normal when home prices rise 7-11%, year over year. Home prices have on average risen 200 basis points above inflation. So 4-5% appreciation year over year is how it was and how it will be in the future.
But then again, real estate never goes down because people need some place to live, Susanne researched it and God doesn't make anymore land...
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