Patientrenter, I started noticing price declines gaining momentum only Q3 of this year so we’re just getting started, too early for some of these to be good deals just yet.
Also, if you look at lot of these properties they are all upside down so reducing price is not an option. It has to go through the foreclosure cycle and sold REO which will take 4 months to show up as inventory, at least that is my thinking. Add another few months for lenders to adjust prices downward from their initial list prices. I say by Q3 2008 we will see some real action with prices.
I believe lenders WILL slash prices aggressively to move inventory. They are desperate for working capital to prevent shutting down.
