THere are a lot of overbuilt areas (too much inventory), loss of jobs, tightening credit. Unless it’s one single home in a superb location that everyone wants…I can’t understand how there would be a bidding war –just because 30 year fixed rates are attractive.
WIth the current “implosion” of the financial industry I am wondering what will happen in the coming waves of reset.
It seems the only direction prices can go is down. It took Japan about 16 years to recover from their bubble.
