Krugman: That Hissing Sound

Paul Krugman in today's NYTimes writes "This is the way the bubble ends: not with a pop, but with a hiss. Housing prices move much more slowly than stock prices. " This is certainly true. However, let us compare it to other housing bubbles. For a housing bubble, this has been an incredible speculative episode, and thus compared to other periods of housing price appreciation there is going to be a larger drop in prices. Perhaps a 'loud hiss' would be an appropriate term.