Bears, don’t throw in the towel just yet. The next year or two will tell the story, not the next month or two. The subprime problems will take even longer to trickle upward to the markets that most of us want to live in. Just remind yourself of the basics, all time high prices, no increase in high earning population (44k moved out of county replaced by immigrants and babies, 50% of the babies to non-citizens), normal increase in wages, declining wages and jobs for those in R/E related fields, increase in units, tighter lending standards, less “affordability lending products”, hell the only thing keeping this ship afloat is the short term memory of the money to be made and low interest rates. Give it time, this summer will be a doozy as the masses realize it and start heading for the exits, then in the fall the first batch of the repos will start showing up.