[quote=sdrealtor]It wont turn things around but it will extend your aggravating wait another day creating another chance for inflation or the next herois attempt at a bailout. The fact that other things might offs[/quote]
Fair enough. Maybe I misunderstood you, b/c I mostly agree.
However my aggravating wait will only cause prices to fall further, because any floor they establish will be temporary given the reasons I listed.
Our gov’t prefers people drowning in mortgage debt. Bailouts may help some of the measely 5% of homeowners in default but they alienate future buyers who are among the 35% of the population that rents.
On another note re: w/ the high end starting to crack, foreclosures should increase and start moving.
That will drive the median price up, but it will be deceptive, for all the reasons median is a useless indicator.
A bunch of houses selling at $500k will do that, but if they all sold for $1MM at peak, good news it isn’t.