The Numbers Don’t Lie

Sales of San Francisco Bay Area new and resale homes have declined for the last 34 months, according to numbers reported by Inman News, a Bay Area-based real estate insider publication, on its blog. This is a clue-in to the reality that neither hot nor cold housing markets happen overnight, but in degrees, and the closer you watch, the sooner you figure  it out. (Inman News started reporting the housing slowdown in August 2005.) Lots of people were slow to get the memo, but now it seems the news is hitting home. Do you think the general public now believes there is a housing slowdown? And how soon do you think the market will recover? I think prices will continue to go down throughout 2008, then remain low for three to five years. What’s your opinion?