If prices are declining right now what’s the point of buying – at any price – until they stop declining? Why would anyone in their right mind pull the trigger knowing that they’re going to start losing the moment they go into escrow and continue to lose until some point in the future?

It’s like talking about buying a 2005 model car in September at the full retail price, even though you know the 2005 models are going to be heavily discounted in a couple weeks to make way for the new and improved 2006 models. Nobody in their right minds would do that if they had a choice, and that’s just a $30k car that they’re going to be out of in a few years.