Will There Be A Housing Market Crash In 2006?

Tom Barrack, arguably the world's best real estate investor is cashing out. He says, "There's too much money chasing too few good deals, with too much debt and too few brains." He says amatuer real estate speculators are going to be trounced and seasoned pros may get hurt, too, if they don't take action to avoid risk. Ken Heebner of CGM Realty Fund recently reported on the boob tube that he expects homes $500k and above to sink 20-50% in 2006. He expects such significant downturns particularly in the ten high-end housing markets.