IMHO, we’ve had a buying frenzy since around February of this year.
It’s been a very strong year because the less pessimistic buyers were thinking 10-15% drops max, and they are seeing 15-25%+ drops already. They truly believe we are at the bottom.
Think about how many people on “bubble blogs” think 2003 was the beginning of the bubble. Well, we are already there, price-wise.
For some of us (me), the housing market was already at a normal cycle top in 2001 and would have gone down from there if not for the credit bubble.
Time will tell who is right, but for now, the optimists are out in force.
