“Hmmm . . . I take this as just a stab in the dark prediction that prices on 4S homes of 3000+ will fall another 300K from where the are now to put me in a 100K neg equity position. We could argue back and forth with our predictions of the future direction of an equity market which in large part is driven by emotion but that would be stupid, pointless, and of now value wouldn’t it????? So I guess we just have to wait on that one.”

I guess you haven’t seen the reset chart. You know, the one with the alt-a and option arms wave coming soon to a nice neighborhood near you??? Think any of your neighbors has one of those kinds of loans and…doesn’t work for the government or is in the medical profession?

No, the market won’t be driven by emotion. It will be driven by banks that can’t hold on to properties any longer when desperately trying to raise capital.