I don’t know… I think we have seen some sorcery or witchcraft on this site before haven’t we guys?
I think a large issue is affordability is relative to the buyer. For many, affordability is not anywhere close. For some it is. For a two engineer family, affordability is alot different then for the single wage earner with a wife and 3 kids, or for the first time homebuyer.
As far as predicting the bottom, the one thing that I have learned personally is that even the real estate market can be manipulated. I feared this to be true in 06 and 07 when lots of people did the happy dance about all the lenders going belly up and prices crashing by 09 or 10. My fears are not only realized but well surpassed.
I do believe we will see another move downward over the next few years and it will be acoompanied by more manipulative moves. So yeah, we are not at a bottomm, and yeah the show is not yet over by any means with regards to what the government will do to combat the increased foreclosures. Maybe it will be like a groundhog day for the next several years…. Foreclosures and depreciation followed by market manipulation…
