Excellent observation. The bull run in housing was driven by the boomers and without them pushing up prices a new reality will unfold.
Besides, the boomers haven't had the globalization pressure until recently, and that is going to change the living standard for a lot of people in the future.
Besides, I think the Internet is fueling these manias, as people have access to too much information. It has turned the world into one big casino, and the bust is just as big as the boom. The horror stories online about people losing their homes will cause the same type panic that we saw with stocks.
Going forward, I predict that this crash will be far deeper and far longer than anything we've seen so far in housing.
Cash is king.