ROFLCatDown wrote:Last I knew if you kicked a supporting beam out from under something it had bad consequences. Like licking the car jack out from under your car. The car will drop, hit bottom, and stay there. The question isn't whether it will drop, but how far the car has to go to hit the ground.
At which point the market should stay fairly flat (seasonally adjusted) until inflation picks up and the job market starts to recover... Which neither have happened yet. I imagine we're pretty close to the bottom, but we're still waiting on sellers to realize they missed their opportunity to close sooner and that they're going to have to lower their price if they're desperate to get rid of it... And I've seen several properties adjust downward 10% since July 1st. One had only been on the market about 60 days.
My "gut" says we're near bottom, but not there yet.
BillE wrote:On the topic of people making unfounded claims of a market bottom, I was laughed at yesterday for believing that the local market will drop at least another 3%. Someone was talking up the $8,000 tax rebate and when I pointed out that it's only around 3% on a $250k home it was like I had just predicted that the sun won't come up tomorrow. "You don't really think houses will come down another 3% do you?"
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