One, panic hasn’t set in yet. Thats probably at least a year away, if not more.
Two, the banks are in a mexican standoff. They are all sitting on their repos instead of dumping them, as once they blow the comps its lowers the value of the rest or their (and everyone elses) properties. At some point you will see what happened in Temecula happen here, a 60-70% off peak sale in a zipcode and then all hell breaks loose.
There are plenty of investors and buyers waiting in the wings to purchase SD RE at firesale prices, but they aren’t going to move until there is a clear bottom. I read recently that there are hedge funds itching to invest in distressed assets; so the quicker prices correct the better.
