I don’t think we had recovered nicely in 94/95, maybe 96/97. Could it be that homeowners bought another home at the bottom and dumped the looser. Or homeowners held on as long as the could and then stopped paying and enjoyed free rent for a year.
I think there are a lot of investors and homeowners that have been hanging on for the last year or so, and are loosing the will to fight a loosing battle.
I have a few friends that can afford the negative cash flow on their investment properties but are strategically planning to bail.
