There are a lot of people who got a taste of not working for a living and who are sitting on the sidelines trying to work the REO flips and such right now. By the time this drags on, I think these people will jump back in at the first opportunity.
That will the be the great Bull Trap of the spring 2008? Maybe 2009? Prices will actually appear to appreciate for a couple quarters, then they’ll expend their energy and the market will again recapitulate.
