I’m in the slow steady camp barring an economic jolt to the area. The prices are just too sticky on the way down for a quick reduction price. However, since there is not much evidence that prices will appreciate over the next 2-4 years, the window of opportunity for some other economic shock to slam housing prices is going to be open for some time. Given all the troubling factors out there, I think the chances are greater than 50-50 that we hit a trouble patch in the economy and the effect is amplified more than need be because people are so over extended. I hope this does not happen, but I think it is a real possibility. Until then we will see slow depreciation. In the meantime, it is summer and the south swells are starting to roll in, so all is good regardless of what this crazy market does.
