Speculators. Housing, Oil is there a difference?

Here's an article that I came across while on the Calgary Contrarian Site that was really interesting. It talks about oil and its crash after Speculators got out. Read this Article, and think about what has happened to the Real Estate Market over the past few years.

Oil: It's Back To Supply And Demand
The speculators who bid up the market last year are in retreat. So much for the new reality

"Last July, when crude oil was surging toward $80 a barrel, the talk of a new reality in the energy markets hit a fever pitch. Some said China and India would so voraciously suck up supplies that we might never see $50 a barrel again. Others noted that the nations that make up OPEC had finally figured out how to put the screws to the West for good, emboldening Iran and Venezuela to send prices higher with a mere rattle of their sabers. The "multi-decade supertrend" mantra echoed through the canyons of Wall Street" Full Article

"Last July, when the median price of housing was surging toward $500,000, the talk of a new reality in the housing markets hit a fever pitch. Some said immigrants from China and India would so voraciously suck up Real Estate that we had better buy, or be priced out forever. Others noted that the Olympics would keep prices increasing forever. The "multi-decade supertrend" mantra echoed through Condo Sales Offices all across the Lower Mainland."