BOCA RATON, FLA. - Those that take the view that there is a bubble in the U.S. housing market - within pockets therein or otherwise - have one burning question: will the fall be hard or soft? Most answer with the safe question, that there will likely be a little of both. But, in any case, experts agree it is likely to be painful.

"Yes, there's a bubble. And it doesn't matter whether it's regional or national, because in the places where it matters, it's there," said Mark Adelson, head of ABS research at Nomura Securities.

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