“Everyone’s talking about the real estate market coming back in 2009,” said Robert Simpson, chief executive of Investors Mortgage Asset Recovery Co. in Irvine. “We’re not coming back anywhere near 2009. It took about five years for this market to build up, and it’ll take five years to come down. Properties are going to slide back to neighborhood income, so people will be able to afford them. It has always been thus.”
Some people have questioned my sanity because I have continued to say that we won’t hit the bottom until late 2011 but probably 2012. Looks like a few other people are starting to think the same way.
