If there is all this ‘pent-up’ demand then there will be a soft landing and prices won’t fall much beyond what they have already. I guess time will tell.

I do think there is a small population of smart folks that sold in 2005, are renting and eager to buy back into the market. They made so much money they don’t really care if they take a 20% loss if it means not having to rent for another year or two.