What I am waiting for AN is the inevitable to happen. That is, sooner or later we are going to see statistics that will make people believe the bottom has been reached or things are turning around… and this will be a royal pain… the media will get all flustered, NAR and CAR will rave and we may get 1, 2 or more months of data that will not fall in line with the secular trend. Then after several more months things will fall back in line again. I think this could happen sooner, perhaps in the upcoming months and stretching into early 09 before we resume a correct secular path.

Again, things never go straight down, just lower highs and lower lows for a secular depreciation cycle.

Just a guess…

ps – definitely not second wave… we will not see true second wave activity for another year by my count.