Several readers responded to the idea of talking with friends about the housing bubble. "Any stories to share?; Friends don’t let friends buy Real Estate. Have any readers tried to convince a friend/acquaintance that right now is most certainly not a good time to purchase real estate? I did, and his reaction was startling."

"Not only did my acquaintance flatly refuse to accept the very real possibility that real estate could substantially decline in the coming years, but his attitude was one of extreme anger (towards me), delusion and denial (that prices could go down). Our friendship is now strained. Do other readers have the same/similar experiences to share?"

Another said, "I have talked a few people into waiting. It took time to convince them, but eventually they got the picture. Seeing that the entire state of Florida is for sale should be a clue."

And another, "I live in Langley BC, Canada. I try to warn people that prices cannot keep going up for ever. I know many people who are flipping, and I am trying to give them some warning of what is going to happen. One person thanked me for my advice and told me that they will sell at the end of the year."

"I tell people that property prices have started to fall in some parts of California, and the reactions are varied. Some people acknowledge that it will happen here too, and others do not. The ones that do not, get very angry and come up with a thousand reasons why every body wants to live here, the 2010 winter olypics in Whistler will keep our house prices up, they are not making any more land, and repeat a thousand realtor cliches."

"Recently a popular radio show announced that at the current rate of appreciation, the average house here will cost $820K by 2010, and people believe it. I’ve talked to a number of poeple that take it as a fact."

A reader concurred. "I’ve experiened the same thing. Even when you tell people about halting markets and falling prices in the US, Vancouverites are sure that 'it’s different here' because 'everyone wants to live here' and 'the Olympics' (2 wks of snow sports) have made the lower mainland invulnerable to downturns experienced elsewhere."

"I mentioned future price drops to a colleague yesterday, not thinking anything of it as she bought a decade ago…she suddenly looked worried and said that prices might drop a little, but not a lot. I realized then that she’s been using the equity ATM. It all constantly reminds me of 1981, just before the whole thing collapsed in ‘82."

One reader warned, "I have had to refrain from talking in certain situations. One of the golf girls bought a Toll Brothers condo a year ago and is still waiting for it to be complete. She has a house in Cave Creek that she paid 190K for. She is in complete denial about the market and thought all she had to do is put a FSBO sign in the front yard and sell in a few days for 400K +."

Another, "I shut my fool mouth. I just gave up telling people my opinions. Now I just smile, nod, and change the subject in a non-obvious way. 'I really love the area I’m living in.'… 'San Diego is one of the nicest areas in the US, don’t you think?'"

One relies on statistics. "When I tell people about rising inventories in bubble markets, they look at me like I have 2 heads. They think if I’ve gotten the info from the internet it can’t be trusted and is probably suspect."

To which one replied, "You raise an excellent point, which is that for those without at least a good college course in economics or its independent study equivalent, there is no objective means to sort out conflicting viewpoints, and at that point it comes down to a matter of religious dogma. So we all may as well agree to amend the list of topics to avoid in polite company: sex, politics, religion, and the housing market."