And Pablo, I beleive the peak of prices here was 2003 in reality, it was the media frenzy pushing buyers (and real estate agents) into thinking it was going to continue that kept prices rising to 04/05!
It was evident in 03 (and before that if one was in the know) trouble was on the horizon.
Sadly no one wanted to listen to me and my ilk, but this is like deja vu for me!
IMHO it will be a good 5 years until the balance even starts to come back up, but which time untold damage will have been done and the complexes in the middle of nowhere will be like ghost towns and unsaleable!
Thank goodness for the sunshine and the way of life – these are the main reasons for people still wanting to move here, otherwise there really would be no-one coming!