I thought these illustrations over at iTulip were worthy of posting. Some really good analysis in an article by Michael Hudson, a Distinguished Professor of Economics at the University of Missouri. Please check out the whole article for yourself at iTulip. I did not want to reproduce the whole article here since much of it applies only to the US housing market. Most of what these images are communicating apply very directly to the Canadian and Vancouver real estate markets.
I love this last one. I don't want to be that guy nor do I want any of my family or friends to be attacked by the negative equity shark.