[Notary Sojac]

I think you need to look at the third of my bullet points

no more than 120 times the monthly rental

when considering if the "the housing market is going to get even worse".

And I would agree that if houses that rent for $1500 a month are on the market for $250K, yes, the market is going to get worse and I would not approve a loan for that amount.

The only answer in such a case is for buyers to lowball, lowball, lowball, until the pressure is too much to resist.

[hennie pennie]

What are the conditions that must exist before a turn around in selling price of existing homes occurs?

We planned to sell almost five years ago, and decided not to because everyone claimed it was a terrible time to sell a house.

Obviously, conditions are significantly worse for sellers now, and selling prices much lower.