rockingtime: what major event ignited the run up in prices during 2013? I honestly don’t think there was one. Interest rates didn’t change that much due to QE3, and foreclosures/shorts didn’t run out at once.

Purely herd behavior, which can work in both directions. At least at the lower end, the sheep are now being a bit more judicious before buying.

AN: agreed. Have you actually tried to work with engineers who don’t speak the language well long-distance, and where their middleman overstates their qualifications? US-based engineers aren’t going anywhere fast.