I believe it was Josh who was planning the 30K inventory BBQ at his pad. SD R is right on. NO one is claiming any of the permabears are wrong about the outcome just the timing. While the declines in the lower income areas have been astounding, RE is still a slow moving ship in most areas. I dont think we’ll see a bottom in the better areas until 2011 or 2012. Alot of RE was purchased between 2004 and 2006 with 5/1 ARM’s. There are a ton of 5/1 Int only loans sitting out there with interest rates below 5% (and even 4% in some cases). Until these come to roost, we arent done. No one knows how the economy will look in 3 or 4 years yet alone what interest rates will be. The depths of bottom will greatly depend on factors like these not how much or how quickly you would like to see prices fall.
