Schizo in any markets, be it real estate markets, stock markets, whatever type of market there are secular and cyclical trends. Secular trends are the overall direction/trendline of the market performance while cyclical trends are measured in shorter timeframes. I think many here, including yourself all agree we are in a secular depreciating real estate trend. What is up for debate is how long this will go and how much it will depreciate. Some say it will be for many many years, others do not. What is always true in any secular trend is that it doesn’t go straight down or up, it has bumps along the way. I would not consider these numbers indicative of a bottom, just a bump.
