Good post newtothegame and agree with what you've said.
Like I've been saying, the million dollar questions is HOW much they'll go down by, not if they are as we all know what is occurring as we speak.
At best, I can see a further 10% drop easily over the next 12-18 months. If things get worse and it can very easily do, then I'm betting that property will decrease even further, perhaps up to around 30%'ish or maybe a little bit more but it won't happen quickly, it will be a prolonged decrease perhaps over a few years while we get over this recession. The exact same thing has happened in Japan the last decade which has seen their property market down by around 40% over the last decade after a massive property bull market in the 90's - and they too have had close to 0% interest this last decade so go figure. Talk about tight supply, there's 120mil of them and growing in the size of a shoebox so I don't buy that analogy.
