It is impossible to draw a broad based conclusion on such a short amount of time’s activity. The making of this over-inflation occurred over several years, it cannot be resolved in a year.
I think the average person should just wait until the cost parameters fit his or her own, instead of being so tied up in timing the low. We won’t know until after the fact, when the low has occurred. It is possible it will not be the result of panic selling, and will develop over several years of declining prices. I would not be shocked if sales rise over last year or itleast stay close, it was an over 30% drop, so it is a pretty low benchmark. This does not mean that I expect prices to rise, I don’t. Think about most businesses, and how they would be doing if they had a year where sales dropped 30%. I think alot of people underestimate, what a tough year for RE people last year was.
I am surprised that prices have not dropped more than they have.
