patrick.net

You throw out a limp 1 liner, "Prices gotta go down...still." and a link?

Come on, give us something to work with! Say something compelling for gawd's sake. Was there something in that article that you found unique or interesting?

These type of patrick.net posts are no different than spam. There are thousands of articles we can dig up that argue for the market sinking further and thousands for it hitting bottom and starting a recovery depending on the writer, the location, the price range, etc. So what?

The format consisting of the following is too common on p.net

Verbal diarrhea 1 liner + link

No need for the blown gasket Charlie! Just was pointing out all the contradicting articles in the press lately. Thought it was amusing that's all. Have a beer and a shot and settle down. We're all on the same team here.

BayArea says

Say something compelling for gawd's sake.

I painted a wall in my house Red...

Because I can!

Prices do need to come down in a lot of areas. If you can, find a sales history for a house you're looking at (or a comp). Take the 1997-2000 price (nothing after), and use this calculator to determine how much it should be worth NOW (given standard inflation). Use 4% (generous) for that number.

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

Fundamentals do not match the markets in many coastal states which are still a bubble, not sure about the rest of the nation.

Speculative position is never rational, especially when you have *novice* investors who don't consider long term fundamentals on their positions.

dannybsmith says

Prices do need to come down in a lot of areas. If you can, find a sales history for a house you're looking at (or a comp). Take the 1997-2000 price (nothing after), and use this calculator to determine how much it should be worth NOW (given standard inflation). Use 4% (generous) for that number.

Why do so many people consider 1997-2000 to be the benchmark? Why not 1972 when dual incomes were starting to become the norm and home prices went up or 1990ish with the tech boom?

Seems to me 1997-2000 home prices only look "normal" compared to those of 2006