People still clearly don’t understand the market. All these claims of a bottom due to pent up demand are unfounded and ignore the fact that in order to buy a house you have to be able to afford a house, i.e. have stable and adequate income, and now a down payment and willing lender. People are tapping their 401k to pay bills – you think they have $100k to jump into a declining RE market while there is simultaneously a declining job market?
