FormerSanDiegan, I completely agree with you. The magnitude of this decline is unprecedented. This is why I’ve been saying that no one will know how long this will take to reach the bottom. We might see another 20-30% drop by this time next year, which would bring MM down 60-70% from peak to trough. We might see MM stay flat for the next 10 years and let inflation catch up. We really don’t know until we start heading up again.
Like Rustico said, every house is different. You can find deals if you work really hard to find it and luck is on your side, even in this market. We all know median is a lagging indicator, so why would you let median dictate your opinion when the bottom occur? Especially when every house is different.
