Lament for the Deceased Housing "Bubble"

I think its a bit premature to lament the passing of housing bubble. Here in Phoenix (as well as in many other overinflated markets) the bubble continues to let off gas. Buyers know this and as a result are staying on the sidelines, putting increasingly more pressure on the extremely high number of owners trying to sell their properties. As desperate sellers compete for a shrinking number of buyers, asking and selling prices for homes are falling dramatically, and 2006 will end up being the first year since the Great Depression where the national median home price will show a decline. It was a big bubble and it will take a lot longer than a couple of months to get all of the gas out.