Several readers want to hear your April 2006 predictions. "When do people expect y.o.y. declines in particular cities, and what do we suppose the subsequent excuses will be? It’s because of the World Cup!"

One reply, "April will be the first month of YOY declines in DC."

Another said, "It seems reasonable for us now to talk more about all of those consequences/fallout, such as property taxes, etc., that will hurt everyone whether you acquired property in the past few years or not. Most people I speak with about this are still oblivious to the fact that their neighbor’s house selling for 5x more than they paid many years ago could somehow be anything other than a good thing for them…"

"I also suspect many local governments are about to be shocked by the protests they will receive later this year, and that lots of hastily-enacted increase caps will be made where none exist now."

One reader is looking for another bubble. "What is your prediction of the next bubble. Some say interest rates will keep rising. Some say the fed will pause and start decreasing if the economy looks sluggish. If they do start decreasing, will the stock market take off again?"

A reply, "If there are any more bubbles to be blown, it’ll be in precious metals; but despite the rise to date, we’re still a long ways from bubble territory."

"Topic suggestion: If, as some predict, the fed tried to inflate a rescue boat for those in the bubble areas (crank up prices of everything else, including wages, so as to effectively lessen household debt loads), what would be the impact for housing prices in the non-bubble areas? Would we expect to see them rise with this inflation?, or stay stagnant, along with prices in the bubble areas?"

And another, "Which will drop more, the price of lots or the homes that are later built on them? Assuming construction materials and labor costs are constant, will lower priced lots lead to smaller less fancy construction so that home prices are not out of whack with the land they are built on?"