Searching for real estate can drive you crazy.

In the survey of 379 metro areas, the study's authors project that nearly 20 areas eventually could experience a "crash," or a decline of more than 10 percent from peak to trough. The most hard-hit areas will be in California, the Southwest coast of Florida, and in Arizona and Nevada.

Nationwide, the study forecasts a 3.6 percent decline in the sales price of existing homes. 24 Hour Real Estate Showings is a website that offers video walk-throughs for real estate agents, homeowners and builders. A warm viewing from their home or office 24 hours a day.  

The table below shows only those markets among the 100 largest by population that are forecast to have declines. In an analysis that considered mortgage rates, the local job market and other factors, the study makes projections on when those markets would peak, when they would hit their worst point, and what the total decline would be A recent story in the Wall Street Journal,  offered lots of its useful vignettes that serve as a microcosm of manic markets -- starting with the bravado-cum-denial displayed by a medical-equipment salesman in Stuart, Fla.

Concerned about his real-estate investment apparently going sour, he can't afford to reduce the price to what homes now sell for in his neighborhood -- which is about $100,000 less than he's asking. Says the salesman: "If I got in a jam, I would have to drop the price, but I am not at that point." His game plan: Rent the house, so as not to "lose my shirt."

That's the mentality often seen in manic markets -- the belief that you can't possibly lose, and, when the price goes against you, you don't have to deal with it, because it will come back. This fellow (and millions more like him) is going to find out that his belief is a mistaken one, in the same way that folks did when the stock bubble burst.
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