You are correct. Many areas have yet to see 50% off. Some areas appear to be below that mark. It’s just a matter of time though. The time frame at which this market has fallen already, is staggering. Areas of Riverside Co. seemed to fall to 50% off right out of the gate, as if the banks knew this was the starting point at which to start pricing inventory, entering this global collapse. Still the better areas of SD will put up a fight.
The sales pop that “50% off” generates will die in RE. Lower prices breed expectations of still lower prices. The debt bubble America is buried in (and the world) is worse than the housing bubble. And we will not be working our way thru it in 2-3 years, not the way Obama and his cronies are handling it.
Does anybody go to the gas station today and pay $2.30, and consider that a 50% off sale? Afterall it is 50% off the bubble price. Nope, $2.30 is the regular price.
You make a good point about Japan; they were in a better position than us, post RE bubble bursting. From what I have read, we are following Japan’s model in dealing with this crisis.
