Who will the housing crash effect? Everyone. Real estate agents will be first.

From Mish's great blog, Mish's Global Economic Trend Analysis

No Hard Landing
I have it on great authority that there will not be a hard landing in real estate.
Who told me that? It was none other than Mike Morgan at MorganFlorida. Please listen in to what Morgan has to say.

Mike Morgan:

Will there be a hard landing? No!
Will there be a crash landing? Absolutely!
Who will the housing crash effect? Everyone. Real estate agents will be first.

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How many jobs did the housing boom create and sustain. And what happens when the boom cycle turns into a bust cycle?