I don’t know if the builders are really cooperating with each other but I guess I wouldn’t be surprised either way. This price range is the last bastion of optimism – it’s been propping up the averages whilst almost everything else has been sliding. Once it goes there won’t be any pretenses remaining.
There’s no reason not to wait right now. If interest rates dropped to zero tomorrow the market would still be flat because the investors mostly know better than to purchase in this market. Take 25% or more of the buyers out of the game and the inventory stacks up pretty fast.
I’ll betcha by 10/01/2006 those prices will have been cut by 10%. And it still won’t be enough to stem the tide.
