[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.
Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..
So much for macroeconomic trends and other such nonsense;)[/quote]
If I’m not mistaken econprof was saying this will NOT play out like all the textbooks and economists “of whom like to masturbate looking at economic models”.
My belief is most of the activity is people down-sizing. Possibly claiming rental income and then foreclosing, short selling while buying, or whatever they can do to get out of something they are upside down on, and into something affordable. That’s only going to go so far.