I started seeing the crazies last year, beginning around February (2008). This was especially true in the better areas. If it’s getting busier right now, then it’s definitely time to step to the side, IMHO.
The bubble is NOT over. People still have the mindset that housing is the path to riches, and once this little slowdown is over in a few months, then prices will rocket back up.
I refuse to compete with these people, so we’ll just continue to rent. It’s nice having that flexibility anyway. 🙂
There is definitely a lot of supply that’s being kept off the market. Hearing lots of stories about people who haven’t paid their mortgages in many, many months…even years!
