This just in: Steve Keen, one of the few economists worth his salt, reports that the US housing market is now running only 15% over its long term average. He explains this in his latest blog update. Of course, that's no guarantee that the collapse will stop at the long term average, but it's relatively good news anyway. There is a light at the end of the tunnel (and it's not the proverbial headlight of an approaching freight train!).
That's the good news. The bad news is that the housing bubble in Australia is far worse than it ever got in the US. Maybe the “Lucky Country's” luck is running out?