Rustico,
You are right on with my point regarding what would constitute a ‘big chunk about to be taken out of the market”. In my mind if something is about to happen, that’s the next 3 month time frame and certainly no more than 6 months. A 10% decline would be very substantial from the seller’s perspective. Of course, bearish buyer’s would only consider it a good start.
I dont think this market was ever affordable. When I bought my first home here very close to the bottom of the current cycle for around 200K, I felt like I had paid nearly 2X what I should have based upon from where I came. I didn’t come from Kansas either. I came from on of the 10 largest metropolitan areas in the country which was and continues to be well above the national averages.
