[Polybius]

I'm not going to get up on the table and dance here. But let's take a deep breath and remember one very important thing about all markets, including the housing market: They simply cannot go down forever.

No, they will not go down "forever".

They will go down until the average buyer for the average house in an average neighborhood that has an average job for that neighborhood can actually afford to pay a down payment AND principal AND interest at a fixed rate each month without going bankrupt.

Until hoses prices go down to that level, the houses prices may bounce up and down all they want above that level but those houses will remain unsold.

[glorgau]

AND principal AND interest at a fixed rate each month without going bankrupt.

You forgot taxes. ;-)

[Straight Vermonter]

That is what the writer said:

Today home prices have fallen so much, mortgage rates are so low, and personal income is so high — that homes are more affordable today than at any other time, ever — with mortgage payments on the average home eating up about 40% of income.

[mr_hammer]

“They will go down until the average buyer for the average house in an average neighborhood that has an average job for that neighborhood can actually afford to pay a down payment AND principal AND interest at a fixed rate each month without going bankrupt.

Until hoses prices go down to that level, the houses prices may bounce up and down all they want above that level but those houses will remain unsold.”

Unquestionably correct! The average family fella can’t handle a $2K a month mortgage and car and gas and health insurance and college for the 2.25 kids...its just all still just too expensive.

...And spiraling property taxes rigged to the cost of inflation as they are in Ohio.

These clowns are dreaming if they think otherwise.