[quote=Utexas112]In over 10 months of scouting neighborhoods and making over 15 offers, I’ve seen nothing but intense competition and price appreciation…[/quote]

Don’t take intense competition to mean the market has turned. I have friends that are throwing in offers left and right, despite my showing them extremely convincing evidence that the coast is nowhere near finished correcting. It doesn’t register. They’re just following the crowd, thinking that bidding wars wouldn’t be happening if this wasn’t the bottom (it’s much easier to be a lemming than to take the time to learn the subject), with no real understanding of the forces involved, and no desire to find out. Ignorance is bliss, and there are millions of blissful people in this county.