by Calculated Risk on 3/14/2007 03:22:00 PM

From Reuters (hat tip James): Top investor sees U.S. property crash

"Real estate prices will go down 40-50 percent in bubble areas. There will be massive defaults. This time it'll be worse because we haven't had this kind of speculative buying in U.S. history," [Jim] Rogers said.

"When markets turn from bubble to reality, a lot of people get burned."
...
"This is the end of the liquidity party," said Rogers.