"Soft Landing" for Housing Bubble

In this rosy senario article in Business Week, they believe that housing market will just "soften". Affordability is at 15 year lows, still with historically low interest rates. "Fundamentals" are still good, say the r/e pros. This is just a bunch of b.s. Once r/e cools off, there will large amount of lay offs which will, in a self perpetuating cycle, put even more pressure on housing. This is just a disaster waiting to happen, especially in some of the bubble states.

R.E.Softening