JWM:
The apprecitaion although long term happend to a large degree in big chunks.I think we are getting ready to take a big chunk off. Prices have held for a few months because sellers believe they would get a price equal or better than recent but pre-spring comps. We all know spring did not work out too well.There is latent downside tension because of this. Also people are going to realize that Foreclosure activity is not a good sign.
Wait until we here the story….”I bought this forclosure and now I am upside down and being kicked out of my house.”
That ought to do it for another chunk.
I don’t get the The “deeper” part of “FASTER AND DEEPER” I agree with Rich and others that the bottom will be at some kind of support fundamentals that are relatively normal unless we have a depression and then they will kind of be abnormal.I don’t think we are even close but I haven’t got any kind of a picture of what that is going to look like. I think if we are still here on the blog, collectively we will be able to put it together at the time. I don’t think in real estate it is as hard to time the tops and bottoms as other financial markets. You pay for the predictability with illiquidity.