Who says that all areas will bottom together? Where are you looking. Places like MM are falling so fast that it is rediculus and fall 09 may be a great time to buy as nothing will happen for the next few years. (maybe not….)
On the other hand CV, 4$, and the costal communities in the North county are a very different animal. These places used 5 year arms and neg ams, and they dont reset till late 09 at the earliest. Give it 6-9 months for the trouble to be observed in NOD’s and NOT’s and you are looking at fall of 2010 before the real magic begins.
The economy matters, no matter what if the economy is going to hell, the bottom wont be seen. If we are in recession till 2009 all the forecasts and bets you see published are off. If we regain speed in the fall like it is foreseen, then you have a plan that may work out.