What I understood from this is, every one knows that market would go down as much as possible like 800k houses would hit around 550k. People are wise there, they just want to throw a stone that they can get that diamond with pre prdicted price. If get have it and then slowly built the house for next sell even afer 6 years when price stablize.
Option 2 kind of people are just waiters to check this price can equal with 2002 or 2003 price tag.