With default ahead, it would seem that real estate remains a long way from the bottom.
Real estate has not been devastated yet. It was in a huge bubble. 14 years ago we paid $125k for our house. It is still worth right at $200k but at the height of the bubble it was worth almost $500k. Just look at the numbers.
Daughter is in escrow for a new house right now. They are still doing some rather creative financing. She didn’t qualify but they have a program that if you make no more than $60k a yr you qualify for a no down, no closing costs loan on a$180k house. That is ridiculous.