[org.whodat]

If that happens, then the bottom is very near because the reduction will turn the market around.

No it will not, you have the same problem the stupid lenders were trying to over come with their interest only loans. Not enough people with enough income to make the payments on over priced homes.

The last figure I saw was over ten million unsold new homes, more are added everyday and tens of thousands of subdivisions started with millions of lots. The bottom is probably 12 to 14 months are more away.

[nufsed]

If the bottom is 12 months away, I'll stay with my houses.

I'm selling to people in a market where the number of new listings and the sales have equaled. We're seeing 10-12 offers on some listings. First time buyers and investors are all over the place.

My rentals are in that area. I'll keep this hand if you don't mind.

[nufsed]

In Cal we have had Citibank put a 3 month moratorium on foreclosing. Countrywide(BofA), the largest mortgage holder in Cal, just settled with the state to put $5.3 billion in foreclosure reductions.

I think it may take a year or more for demand to exceed supply, but the word is already out.