LA Renter beat me to the post, but here is what I had to say anyway…
Oh, and don’t forget the HUGE factor of unemployment. It is rising at it’s fastest pace in 10 years. This variable alone will take a significant percentage of potential “sideline” or future buyers out of the market.
I just don’t see any way they can stop the home price decline freight train! It’s going to keep rolling until prices reach their intrinsic value, which IMO will be somewhere in the late 90’s price ranges, back where incomes could actually support prices.
