We are now set-up to make a significant new low, later this Summer, in pricing. Supply is on the way. And, credit is tightening further. (FED lowers rates but mortgage rates are going up, not down.)

Renters–who would like to be buyers–are now winning again. The dollars renters use to pay rent are depreciating in value, while, real estate prices fall. We’re now very much on the dark side of the bubble, so everything that was true before is now false. It’s all running in reverse.

After the low in August, we will get a bounce. It’s possible a buyer could find a true bargain later this Summer.

But if one wants to have a platter of bargains, from which to choose, it will be Summer of 2009 that will bring the deepest low in pricing.