I suppose the national economy could move at a different pace than the local RE markets. But as far as the local RE markets are concerned I don’t think a quick turn around is in the cards.

Pricing is a function of supply vs. demand. Before pricing can stablize we need to clear out our excess inventory, not continue to add to it as we surely will over the next 18 months.

I think the idea that the internet age is going to shorten up our economic cycles is more correctly categorized as a “should be” rather and an “is”. It is based on the premise that if enough buyers are adequately informed they’ll act rationally. Unfortunately, we’ve seen the market participants continuing to act even more irrationally than ever before, information availability notwithstanding.

Ideally, a well informed market acting in a completely rational manner would never disconnect from the underlying fundamentals to begin with. Thus, no peaks or valleys, just a stable and efficient market. I think it’s safe to say we’re a long ways from that at present.