patientlywaiting wrote:
It’s fascinating to watch human psychology. Once people buy they think that prices can’t drop much anymore. —

I am not in that camp that believes prices will not fall. I bought late last year. I purchased at 30% below peak, and put in a low ball offer. 6 months later, I am seeing homes being sold at what I paid. Do I think prices will fall furthur? Yep, and I believe it will come down another 20% before It levels off.

I am in Riverside(92508), and homes out here have been slower to fall than in Temecula and Murrietta. I am seeing prices of bank owned homes down to about $135 sq ft. I would say about 90 percent off all the homes on the market in my zip, are Bank owned or short sales.