I think you’re correct, but it takes time for sentiments to shift…it’s what happens in the interim that becomes the interesting thing to watch. Housing prices stayed relatively level through the mid-late 1990s in LA, because the general sentiment was real estate was a bad investiment after all the losses from the late 80s-1993. So even though pricing may again become affordable if things play out like most of us expect, it will still take time for people to come back in significant numbers.
