Rustico, of course my timeline is not etched in stone. My logic is that the last downturn lasted from 1989 to 1996. I expect this downturn to last longer because of the enormity of the run-up (local, national and international). I think that a 10-year downturn (with periodic small upticks) is most likely.
For a personal residence, I’m looking for a house that I can renovate/rebuild before I move in. I’ll hire a contractor for that because I’d rather not deal with the hassle of living in a construction project. I plan to live in it a long time. My current house is perfectly fine so I’m in no hurry.
For investment purposes, I’m open to buying anything, anytime there’s a good deal, bubble or no bubble. I don’t see many money making possibilities now.
A buddy of mine is a builder in Florida. He’s telling me that it’s a massacre. Developers are starting to walk away from projects.
I’ve expunged emotions out of homeownership so I’m having fun watching the market. Watching RE market psychology is like going to the zoo to see the monkeys.
