I did my research last year, and in Septmember I guessed the the bottom would be about %35 from peak. I listened to many on here, and others came to the same conclusion. Now in my area(92508), the the drop has hit 35%. I am now re-adjusting my prediction that it may be up to 50% possible more in less desireable areas.
Since there were many homes sold in 2005, I am expecting many to walk away rather than keep thier home. Even if they can afford it. From what I see, these newer developments are almost like ghost towns, with overgrown lawns, and vacant homes. Not exactly what I would call a place to live, no matter how nice the house is. I am glad we chose to live in a established neighborhood. It was tempting to look at these newer model homes and get locked into buying into a new community.
