“Lots of people I know, including myself, are waiting in the wings, with lots of cash, ready to pounce on properties when the time is right–so there will be competition for the “gems.”

You’d be surprised how many people in San Diego think like “Piggs,” and are ready and waiting to make the most of the downturn.” – SD native

This is exactly why the argument that “the time to buy is when no one else wants to buy, so now must be the time to buy since sedement is so bad right now” is bullplucky. The mentality of profit has switched from “buy now”, to “buy soon when the market bottoms”, to get rich. Same mentality, different timeline. The real time to buy if you use this train of thought (I think baseing my actions on what other people are saying is retarded) is when people ask “why buy”. We are many years of poor to negative returns away from that.