I agree with JWM, no V shape recovery and definitely not 2008. The argument is somewhat subjective. I’m sure people will grow tired of renting and take steps into home ownership, the 4th quarter of 2008 looks promising because the market will begin to reflect the full effects of the credit crunch. I guess the real question is when is it safe? My own personal objectives are just to not over pay and get hit with 150 to 200k hit on my equity and find myself in a situation where I have to sell. Here is my thinking right now…How bad of an economic downturn are we talking here??…..Thats first and foremost…in other words I will not buy if we are in a recession and I don’t feel secure in my job regardless of great deals on RE….That will be a biggie in 2008 and 2009 not just for me but anybody that is dependent on income for a living. If we get to a point where it appears the worst has passed and I have maintained a two income household then I’ll jump in even if there is more down side on prices. I am not trying to time the market perfectly. I anticipate sometime in 2009 right now. Thats my 2 cents.
