I’m pretty sure the people you know are not representative of the general public. As I understand it, most of the loans made in the last two years in California are “suicide loans”, so there are hundreds of thousands or possibly even millions of people just in California who are going to be demolished when reality hits. I think it is extremely unlikely that there are that many people with huge bales of cash standing by waiting to buy “bargains” at 20% off the peak prices. And why should they, when prices are still dropping and interest rates still going up? Why not wait until prices and interest rates stabilize?
