If housing is soo bad, and umemployment is so bad, and your neighbors are closing shop or losing their jobs left and right, would you have the stomach to make a big purchase at that time?
Remember that it is best to buy when there’s blood on the streets, even if it’s your own blood. People who bought houses in the mid 1990s made small fortunes, enough to retire early if they sold at the peak. But many didn’t want to buy in the mid 90s: the herd mentality dictated that real estate was a lousy investment.
I agree with you that timing the bottom is nearly impossible. However, when I think that there’s enough blood on the streets and that RE is discredited enough, then I might buy again.
