mvp - I'll give her about 5 years before that house gets repo'd because she won't be able to make her mortgage payments. There will be so many people frantically needing to unload because they want to avoid a repo -- home values will drop faster than most home owners expect. There are also two other types of people who will saturate the market: (1) people that have bought several investment properties and they want to unload all of them, (2) many people who have summer homes that now think owning second homes is no longer lucritive. There should be some great bargains in about 10 years for those people that have money saved up (which is almost non-existent in our country) and/or stable job.
I think having a job security at the end of worst economic downward spirals in history (years 2010-2020) will be non-existent. Now is the time to be saving for anyone that wants to go on a buying spree around 2016-2020.
On a different note, I know there are many people on these boards who are waiting patiently to short the housing market. It is kind of like waiting for the bubble to pop in 2000. There will be a windfall of profits made on the short side when that day comes.
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