patrick.net

CrazyMan says

tatupu70 says

thomaswong.1986 says

Nomograph says

Looking back, overall the bad news bears lost. No hyperinflation, no new wars, no economic collapse, and RE was mostly flat.
Good thing I didn’t plant potatoes.

The further RE prices fall, the easier economic recoveries will occur. Otherwise it will continue to be sluggish for many many years.

How do you figure that?

People won’t have to pay as much into housing and therefore will have more surplus income to stimulate our consumer economy. This should be obvious.
The housing bulls unfortunately are only looking out for their own best interest, at the expense of the rest of society. Shameful really.
Every person out there should want lower housing costs, as it enables people to work less (or have stay at home spouses) and the possibility of raising their own children and having more time to make contributions to society. Or heck, even some free time. How people can’t see that is beyond me.
Oh wait, the vast majority of people are selfish and greedy. My bad.

Lower prices lower cost of living ... even lower salary demand, else jobs moving to other states/overseas. Its better to have a job locally even if its lower paying than have no job at all.

Crap happens and has happened like this before.

anon says

As a result house prices will drop.
I believe the effects will be felt nationally, and significantly in 2010 and beyond.
More than a 5% drop but potentially, and I think more likely, a larger median price drop.

http://www.realestateabc.com/outlook/overall.htm

year-over-year for october is down slightly to flat.

probably need to wait for early feb to see how prices are yoy for december.

anon
We are nowhere near a normal real estate market. at least in the SF bay area.

Once the government has scaled back it's housing stimulus we should slowly see prices adjust to rational levels in the bay area. Prices are still too high.

we won't know the numbers until 2011 because case-shiller is a moving average over 3 months and reported the following month. also CSI only tracks SF and not SJ.

here's socketsite Case Shiller for SF in August2010 which covers May-July:
http://www.socketsite.com/archives/2010/10/august_caseshiller_san_francisco_msa_falls_across_all_t.html

as i mentioned, this is a bad prediction because it's not specific enough.