It doesn’t matter how high the % of people buying with 20% down seems right now, what matters is how few of them in total there are, vs. all the people who aren’t even trying to buy, are trying to offload an upside down home, or are waiting for the sheriff to come by.

There is nowhere near enough potential buyers with 20% saved up to turn the market around. Just look at the US savings rate. And a $1200 stimulus check won’t buy much of a house.

So prices will continue to decline.

At the top everyone said buy. I’ll buy when everyone says sell.