Is it realistic to expect that the same set of circumstances will return when we hit the bottom?
In my opinion the scenario is likely to be:
1. No easy money to be had, 20% down is the norm
2. Appreciation is flat
3. Economy is just digging itself out of a recession
4. Unemployment levels are shaky, construction, real estate, and mortgage workers are just starting to find jobs again
5. Average inventories (at best)
These are not the right set of circumstances for any kind of bounce at all. The market will follow need, rather than greed, and prices will be in line to incomes, long before we see any kind of bubble again.
