This summer will be rough on sellers of RE. Next summer will be brutal. As sellers come out of denial, they will awaken to a new RE landscape. PRICES WILL DROP. There is too much evidence coming in daily, to believe otherwise. Soon, the talk will change from “IF”, to “HOW MUCH”. I believe it will adjust quicker and more pronounced than most people think. When we have a massive speculative bubble as in RE, they normally overshoot the downside faster, than they went up. That is why I will stick to my “Latesummer2008” timeframe for entry back into the market for SEVERLY DISTRESSED PROPERTIES. We should drag along the bottom for 2 posssibly 3 years before RE begins appreciating again. But, 2008 will be 3 years into the downturn from late summer of 2005 when this really all started. Add another 2-3 years before we begin to come out of the bust, and there is your typical 5-6 year decline between booms.
MSM and RE Industry is just trying to control the damage. Plus, guess who advertises in the MEDIA? RE, thats right.
Get your financial house in order over the next year, pull up a chair and watch the DRAMA unfold…
