Don’t count on graph. The bottom will probably last very long nationally, but every RE market is local. It is not clear how many purchases made in 2004-2006 will turn to be NOD, if 10% goes to NOD, it adds the same faction of supply to the overall volume in the future, which doesn’t seems to be a very big problem. The major issue here is whether there are plenty of capable buyers to support current price … this mainly relates to local economy, especially creation of new jobs.
