Hey MattF That is a great idea unfortunately the value of land hasn't come down either, though I think owners are starting to question why things aren't moving. Building your own home in Jersey.....kind of funny, guess your not from around here. I am also looking out of state, and that would be my intention. I am open to any suggestions.
And so it begins again... http://www.bloomberg.com/news/2012-12-19/bank-of-america-delinquent-loans-mean-losses-mortgages.html
I'm predicting late 2014-2015, but I expect it to be different than the last one. I dont expect all these "mortgage resets" that caused alot of people to go into forclosure. The housing prices are going to drop because of all the inventory that is going to get dumped onto the market in 2015 by the hedge funds when they finally realize they cant make money on real estate because they don't know what they are doing. Just like this hedge fund in TX I heard about the other week. They bought something like 1500 homes and 80% are empty. Ridiculous. Thats not how you run a business.
Some people use white paint as a guide to the property market because people buy it when they are buying or renovating a house. If the sales fall then it indicates the market is starting to tank.