It’s unlikely he’s correct.
The DATA show that sales are increasing:
“Notably, buyers are responding to sharply lower home prices. The realtors’ group reports the state’s June home sales rose 17.5 percent from a year earlier while its median home price plunged 37.7 percent. June also marked the third consecutive month of increases in home sales from year-earlier levels in the state. “
For sure...two to three years for even bottoming out around here; just tons and tons of For Sale signs rusting on front lawns all over town.
This inventory has to change hands - all of it - and then the market will be "flat" for quite some time, with little or no appreciation.
“It’s unlikely he’s correct.”
There’s no chance he’s correct!!!
I look for at least another 20% drop at least in So.Calif.