I think it was Calculated Risk who had a post a while back on what housing typcially does in a downmarket. Something along the lines of rapid depreciation (where we are now), slowed depreciation, flat, then slow increases.
TG you’re right prices won’t go the $0, but they certainly won’t hit bottom and start a rapid upturn. Just look at the macro factors right now.
Although the HUD has a $1 Home program, though who knows if any have or ever will go for that.
I personally am looking for 2000 prices. If they never get there, then I have to decide if I pay more than I want, or if I move.
But I regardless of where the bottom, I don’t see them hitting bottom anytime soon. I’d agree socratt, 5-7 years.
Even 2015 would be a 9 year drop, following a 1996-2006 10 year run up. Based on past bubbles, and the magnitude of this one that’s not out of the question.
