we all were bears in 2005 and it saved out butts, but if you were a RE bear early last year, you’ve missed a huge run up. That’s the difference between perma-bear and a realist.

Depends where. Both accepted offers in SD that I have were made in Oct-Nov of last year, accepted in Dec, and are at prices only marginally higher than those of late 2011. Speaking of home, the NYC/NJ area still has plenty of shorts and fork-losers ready to pop, and prices haven’t appreciably changed from last year. There’s still plenty of opportunity to acquire rental property if one is smart and flexible.