That’s very logical, A.N. Problem is, it’s quite possible that what you perceive to be “10% above bottom” may simply be a temporary reversal and that prices will continue dropping for a few more years.

Take So. Cal. after the bubble popped in 1989-90. Prices stabilized somewhat in 1991, and many bought thinking that we had reached bottom. Then prices continued their decline until 1996-97. Only when prices started going up steadily in the summer of 1998 and onwards, we learned that 1996 had been the bottom.