“I’m still not convinced that buyers are going to be lining up in droves to buy those properties at 25% off. ”
Remember all those people who sold in 2004, 2005, and 2006 and made 100% on their money in 5 years? They are waiting for it.
I think most of the doom and gloomers forget that for every screwed speculator and late-buyer, there is someone with a wad of cash who sold the house to them in the first place.
It is hard to put a number on the effect of this, but it must be considered and I rarely see anyone on this forum bring it up – ‘cept me.
