My answer to the OP question is simple. Prices are at 2001 levels in many if not at this point most of the desirable levels. Prices are even lower than that in the second tier areas.
CAR, I agree that most sellers have decided to wait it out and I would go further than that and say that most sellers have conceded that things are NOT going to get any better soon.
IMHO, the smart money is now taking a 10-20 year time horizon and saying let’s lock in a low rate (assuming they are a strong hand and have enough equity to refinance) and dig in deep to make it through this unfortunate but completely predictable (and necessary) downturn in housing.
Meanwhile the strong hands with a good part of their money in stocks have to be even more confident now that for example the QQQ is at an 11 year high in large part because of apple but qualcomm is doing well again too.
It is one thing for the strong hands to panic and blow out property at late 1980s nominal prices when the DOW has a 6 handle but with a 12 going on a 13 handle I just don’t see the panic in the air.
