All I can do is laugh. I’m not clairevoyant, but I’m getting neurotic about watching the market in PB. Decline is happening and will continue. I’m not worried about that at all. I’m worried I might see something I really like and emotions take over and I buy today and prices will go down even more and I’ll regret it. That scares me way more than the fear that prices will remain this level, much less go up. Question is how low and I feel comfortable saying 2002 prices can happen in a year or so from what I’ve been seeing. Like I say, something has to drastically happen to not only stop it, but reverse it.
This incline did not happen over night. It happened over the course of what, 2001-2006. In not quite 2 years we have seen price declines and we are not halfway through this whole subprime mess.
BTW, some of the default notices on places in PB are going to addresses other than what the default is on, i.e. investors w/other properties. And that doesn’t surprise me. Investors renting their units out.
Also, many of the loans on the default notices that I see were taken in 2005. Wonder when the 2006 loans start defaulting. What will happen then?
