Who knows, could be 5 years could 15 years. That is the problem with RE right now. The risk of it being illiquid for long time is too high given the current macro-econ picture.
I agree it could be a very long time. At 12 months supply or more methinks RE is already illiquid. My guess is that those considering selling right now in San Diego will take up to a year to sell their property and will be selling about 15% below what they think today’s market value is.
I would also venture to guess that those closing escrow one year from now will be within 10% of the market bottom in terms of price.
Just my opinion.
