A popular rhetorical question around here is “who are the buyers who will step in if prices drop X%?”
*raises hand*
I’m graduating with my PhD this late spring/early summer (’08). Assuming I can find a job in my field, I’ll immediately start saving for a down payment. If prices fall 50% from their peak, you’re damn certain I will have bought when they were down 40%.
That said, they’re still way too high for me to afford on my expected future salary, which is above the median. I still think 50% is a bit high for what the final number will be, but time will tell.
