lonestar I got ya. Using the rental price as a barometer for the mortgage payment is not a bad idea. You may want to adjust for taxes but I get the general idea.
I agree that the higher priced areas will drop, the only question is by how much. That is pretty much how I felt since day one. I do feel it all depends on employment and interest rates. Patience will definitely be required. Denial runs high in these areas and people still just don’t get it for the most part and they are positioned better to throw more money away for a few more years rather then rip the bandaid off and take it now.
Yes though, there is no doubt the higher end areas will come down and how hard is subject to debate. They will come though.
