I've been expectig the housing bubble to burst for about 4 months now. Looks like it's starting:

http://nytimes.com/2005/10/04/realestate/04reals.html?ei=5094&en=e9bc032df8f4ec49&hp=&ex=1128484800&partner=homepage&pagewanted=print



NYT TUESDAY FRONT PAGE: Real estate slowdown that began in a handful of cities this summer has spread to almost every hot housing market in the country... In Manhattan, the average sales price fell almost 13% in the third quarter...