[quote=Rt.66]Nothing new in this bubble collapse, except its much, much bigger and the economy is much worse.
So follow what always happens and count on it being worse this time around.
You will always have the too eager fence sitters jumping in way early and chatting about how its the bottom (although EVERY indicator says, no way!). Right now the bankers are playing these “investors” like a Stratovarius. These people will find their 2008-2009 smoking REO deal very far underwater.
These folks will likely be out of money to bid up REOs by late fall, and the “investors” amongst them will be trying to flip by January 2010 and the long termers will be thinking jingle keys in 2011.
Then reality is setting in and people realize that, just like the other times, things are gonna go down, overshoot to the downside, and then sit at the bottom until something happens to spark things up again (which may never happen again in their lifetimes).
When people stop trying to downplay the biggest foreclosure disaster in history (x50) and let it and its ramifications sink in……
When people barf a bit in their mouths when RE investing is mentioned…. then we are getting somewhere.
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Have we not seen the ramifications of this colossal mess reflected in plenty of places already? You waiting for North County Coast and Uptown to hit ’99 prices?
