I don’t think anyone should be targeting the bottom of the market anytime this year or even in 08. Once again, as history shows us, these things take years, usually about 4-6 years. So its been one year so far, so at least look for another 2.5 years to get close to the bottom. Yes, even if the guys on cnbc are telling you that the market has bottomed.

For those who have purchased lately with 20% down congrats, you will be much better prepared to ride out a large downturn in your homes value, and you are in the minority, most people I know of still use 100% financing. Hopefully this trend will change, and the concept of saving(s) will return.