I see this as a much longer cycle that will need at least a generations(10 – 15 years) to clear itself out… I think this will have to do more with where wages, unemployment and lending standards end up..

The trough will be more of a long stalemate in my opinion.. will take time for people to forget before playing musical chairs again… Timing won’t really matter as most properties will flatten out and become affordable in 5-10 years, but it wont be until the 15 year are where interest rates are flat enough to get the best prices and see appreciation.

Condo-conversions will probably drop 50-75% as people realize that living in an apartment is a really shitty way to spend your months earnings…