Yes, I too believe we will have a swift collapse once the public realizes we are in a freefall ( 2 years later ). And, since we have NEVER had a bubble in Real Estate like this, the down side is generally worse, not to mention the exotic loan debacle that is just now starting to sink in. Sub Prime wil be the first link to fail along with the ultra high end market trying to cash out before the shit hits the fan. Kind of like eating at the food chain from both ends before the whole thing collapses. As I see it, pure panic by the end of next summer as it really begins to sink in this summer. Banks should be unloading a ton by the end of next year with all their REOs. Than another 2-3 years before a new round of first time buyers are suckered in and gradual appreciation by 2010.
This summer will be interesting when the inventory goes nuts and the buyers are in total control. I might consider nibbling around the bank REOs during the end of next summer if something looks to good to pass up.
