Man, I sure hope so. I’m getting impatient waiting for prices to decline. Every week I check zip realty for my watched neighborhoods, and every week the prices don’t seem to budge. This has been going on for months. The same thing has been happening in the stock market until just recently. I hope the market correction is finally underway. I believe that’s necessary to accelerate housing prices on the downside. I’ll stick my neck out and predict that when the dust settles, the Dow will be at 9400, and housing will be down 35 percent on average in SoCal. The housing figures can be skewed by interest rates, so if rates go under 5 percent again for a 30 yr. fixed, then all bets are off. In that case, us renters on the sideliines may be renting for a long time to come.
