Asked by Bp, Long Beach, CA • Tue Apr 29, 2008
Wow, this means that the prices are falling even faster... Although CS is a lagging indicator. I don't know, to me it seems like the steeper the decline, the faster the bottom will be reached. There is a silver lining in these rapidly declining home prices, and that is that more buyers like me are likely to get off the fence and take the plunge. But I'd like to see CS index falling SLOWER rather than faster month to month - even YoY to take out seasonality, before making that commitment.
The tough part is going to be convincing owners in denial (including banks) that the prices of their properties are likely to drop another 20% at least before this train wreck starts slowing down. I guess that's where Realtors come into play - advising owners that a low offer now is better than the same offer in 12 months. Even trying to convince them that their asking prices are just hard to sustain in a market that is declining faster every month. Stay tuned! It's getting interesting...
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