Interesting that many of the experts/officials are already calling a bottom. They are try to talk the market up and prevent a panic. Some buyers believe it and are jumping back into the market. Too bad for them as they’ll regret it.
Based on Jim the Realtor’s data it seem like it’s the higher end customers who are jumping back into the market. There are fools are every income levels.
We haven’t even started this down cycle yet. The 2-year ARM reset foreclosures haven’t even hit the MLS yet. We still have the 5-year ARM resets to watch. 2010 would be the earliest bottom, in my opinion. We can’t call a bottom until all the 2.4 million foreclosures predicted by the Center for Responsible Lending are wrapped-up.
