Yep it is a very VERY poor time to shop if you are a buyer looking for a deal. Go back and test the waters. You need a substantial rise in inventory just to get back to normal inventory levels. A rapid rise in rates would help as well but elasticity of pricing usually does not kick until a few months after rates have moved. 10 – 15% depreciation will not happen in 2009 unless something extraordinary happens. Maybe by the end of 2010 and at that we need much more inventory, rate movement, job loss… you know the story.
