In the shorter term (next 1-2 years), prices will not stabilize until the jobs market gets better. As long as unemployment is as high as it is, there won't be an increased demand for housing. If unemployment stays high for much longer than that, we may see prices stabilize anyways because population alone might increase demand. Hyperinflation alone might also cause a stabilization or increase in prices if it is accompanied by higher wages and stability in the jobs market, although high inflation up until this point has done nothing to prop up the real estate market since wages have been very slow to gain. Bottom line: There needs to be more wealth relative to housing supply to stabilize or raise home prices.
And with the idiots we have running our country, God only knows when that will happen.
In NJ we feel the prices will climb slightly over the summer and hold steady until next spring then it will rise slightly again. We believe this trend will continue for about another 2 yrs until we will see a higher rise with each new year.
as a note the Movie Too Big to Fail, has explained so much about what happened with real estate and that it never was real estate that was the downfall of the economony to begin with but because of what caused the fall real estate followed. Now it seems to us The Real Estate Market is fast becoming separate from the stock market etc and will not decrease any further than it has.
All the Best
Dave & Lisa