It never ceases to amaze me that people cannot accept the fact that residential real estate property can actually decline in price. Sure, a lot of first-time buyers now are in their thirties which means that during our last crash which occurred around 2006 to 2008, they may have been just 15 years old. So, I’m sure they weren’t paying attention to real estate values back then. In most markets over the last two years on average residential real estate prices increased by over 25% a year!, if there was ever a prime example of the irrational exuberance in the real estate market. It seems that a lot of these first-time buyers just cannot accept the fact that the residential real estate market has hit a ceiling and has now taken 180 degree turn toward the downside. Facts are facts oh, and there can be no doubt that this Market and the huge housing bubble that was created has now burst. Because the average escrow can run between 45 to 60 days, many areas are still reporting increasing housing prices. But, don’t be fooled by this wagging indicator. These same areas are also showing huge price drops on listed properties as well as increased inventories of homes for sale. The sales price drops will follow, and we should see those within about 60 days. Once the sales price drops are reported the downward trend and property values will have been well underway. NN: I cannot think of a more interest rate sensitive market. Or one that has wiped out more often in a recession……. Fuck with real estate and your flirting with disaster. You have a 90 day window at best to finish up your projects and liquidate all the real estate you can… Let the dreamers and deniers take the risk!!! DO NOT GET GREEDY…