We've never had a real estate correction proceed at this rate. Ok, Florida 1925/1926 was faster, but that was regional. This is national. This is serious and scary.
By the way, projections we're near the bottom just amuse me. We're about to exit the best season of the year for selling a home. The rest of 2008 should be a better buyer's market. It will not be that obvious in June. Like I've said before, expect the big change in the Fall. Once the kids are back in school, sellers will be faced with very interesting choices.
I think everything that can be done to get
I'm not sure when the bottom will be. It won't be before 2010 is certain. Its also certain that the recovery this time is going to be slow. Mostly due to lenders having to re-learn old lessons.