[hinckley buzzard]

how many times so far have people called a “bottom” to the housing deflation and the attending bank problems?

I don't know but there's going to be another round of foreclosures next year when a host of option ARMs get reset. That means another glut on the market. If I were looking to buy I might want to wait and save for another year and pounce next Spring

[dragnet2]

I don't know but there's going to be another round of foreclosures next year when a host of option ARMs get reset.

Don't wait too long friend. Many of those could be sold off or refinanced into fixed rates by then. Remember, not everyone on ARMs are ready to go belly up, and those holding ARMs are a small overall percentage of homes, and those hurting are no doubt even a much smaller percentage of that.