Decent point Yodle but I’ve been thinking about the non piggs lately. Between 2003 and 2006 who didn’t buy a house that wanted one? Who is left out there to compete with us? I’m starting to think that other than piggs (and others who objected to the prices/fundamentals) and people who were in comas, who are the fence sitters and is that fence very crowded? a few years ago you could get a loan for anything as long as you could breathe and with prices going up, very few sat on the fence. Now the loans are harder to come by and the margins are filled with people who possess even worse credit now but credit requirements are climbing. People who usually snap up bargains (people in the R/E industry) are all broke. Investors are going to want to be closer to 100 in the 100-150x rent multiplier before they get excited and how many are left? Our dream houses were already bought by the “others” and now they sit vacant. With all the vacant homes, is there a high school gym filled with people on cots who are the foreclosure refugees? Even the people looking to move up need buyers, the bottom end is getting hit the hardest. I’m starting to think the “pent up demand” is overplayed because it already feels like I went to disneyland and there are no lines.
When I see sdrealtor and bugs agree, I read that thread a few times and burn it into my memory because it is very likely that prediction will come to fruition.
