Yes! It is definitely turning. Much like a ferris wheel it goes round and round. But unlike a carousel, we don't go round in circles. A ferris wheel has a top and a bottom. We go around in cycles.
Powered by Wall Street and greed buyers were tripping over each other as they rushed to buy the hard asset of real estate.
Along with those seeking the American Dream, investors moved into real estate in Tsunami-like waves. Mortgage money was falling from the sky.
With increased demand and lowered supply, appreciation and value went up. As the demand began to deplete the inventory, sellers raised their prices and buyers paid it. It was a seller's market. In 2005 it hit an all-time high.
But the ferris wheel keeps rotating. Suddenly appreciation peaked!
Housing prices had become unaffordable; too many people couldn't make their mortgage payments, investors had over-speculated, and the sub-prime mortgage crises aggravated the whole situation. The wheel rotated downward. We have to pay for the ticket to ride.
Buyers stopped buying. Mortgage money dried up. More sellers needed to sell. Less demand and an abundance of inventory means less appreciation and lower values. And so now we have a buyer's market.
Round and round it goes and where it will stop nobody knows. But it is definitely turning!
Look upward! It will get better. The sky is not falling.