Correct watch the house prices "PLUMMET" in the next 2 years its already happening here a house listed for $595,000.00 5 months ago, they knocked back an offer of $525,000.00 3 months ago and it is now sold for $450,000.00 and that starts a new benchmark for the area . I said they were lucky to sell for the price in another 2 months it would only get $350,000.00. I believe its true value to be about $250,000.00 tops in a realistic market so we are not there by a long shot. Hold on to your hats the domestic mortgage belt is about to go into reverse and the banks will have no sympathy as the 90/100% borrowing exposures kick in.
