|
That graph is amazing. Like you, I expect prices to get very close to the green line. In the Nor-Cal suburbs we are in a very similar situation. Right now there are LOADS of houses on the MLS. Sellers won't go upside down on a sale and buyers seem content to wait. The foreclosure rate is very steadily increasing. It's like waiting for a dam to break.
I expect the fall to baseline will be pretty rapid. Just a guess, but I'm thinking 18-24 months. This could all be undone if Obama decides to bail out the subprime borrowers with more of my tax dollars.
__________________
My work here is nearly finished.
|