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Don't Expect a Housing Bottom Until Late 2009

You know for whom a 35-40% correction is housing prices is good news? People (like me) who just bought a house with 10%down and 6% rate at the highest of the market. Let me explain: now I can sit and relax and keep an eye on the big 800K house I could not afford two years ago and wait for its price to come down to 500k where it should have been all along. Okay, I'll have to cut the price of my existing home down 200k to sell it, but it is still better that the guy who bought the 800k house and will have to carry his 300k loss forever with a frozen rate, right?