Are we still talking about houses people buy to live in or about investments? Two different things. The 1 mi$ house was 600k 10 years ago. Doesn't seem a lot now but back then it was an outrageous amount, unsustainable as it is today.

I agree that prices were driven up due to speculation and investing but no one will worry about investors if the market crashes.

As for Nortel....hindsight is 20/20.