I've heard of at least a few commercial-property tenants around here who've been waiting for the day when they could get revenge on the greedy landlords who took total advantage of a sellers' market and are now facing the reverse. One minute you're up, and the next you're down. What's amazing is that home prices continue to hold up. I suspect that we're in for something of a bust there, too. But that will take longer.
Home prices are the ultimate trailing economic indicator.
There are two house for sale around the corner. A year ago they'd have been sold the first week, with multiple offers. They've been listed at ridiculous prices, and while people have stopped to look no one has bought. Buyers were in a panic to own not too long ago. Now they're getting saner.