"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," Rogers said.
"When markets turn from bubble to reality, a lot of people get burned."
Finally, I think I've found someone more bearish on housing than me. Rogers thinks the housing bust will take down equity markets around the world, too. I wouldn't go that far, but he may be right.
What did you people expect? A soft landing after the greatest financial bubble in the history of the world?