I think we will see a big chunk (10% – 15%) taken out this fall. September to January is going to hurt. In January we will hear a flurry of people saying, “Yippie, we hit bottom!” Prices will go up 2% through May. Then we will see another drop the following fall.
I think there are a lot people out there who have decided to sit tight and ride it out. However, once all hope is gone for a recovery, they will list their houses, feeling afraid and broken.
