Another amusing situation that so many thought would go one for another 20 years when housing prices could only go up, anyone paying top dollar over the last 5 years for these type of houses weren't thinking. These were the same fools as the ones with the sub prime loans borrowing as much as they could against them to take those month long summer vacations and drive cars they couldn't afford, you know ones that made an extremely low 6 figure salary but literally maxed out everything they had to feel like they were living the lifestyle of some multi, multi millionaire.
How anyone thought houses priced at $1M+ were going to sustain these levels because the high end market never feels the recession.......
Thats foolish talk, why should anyone look at a house from here on in as an investment that doubles every 10 years, this isn't the way it should be. Housing prices still have ways to fall, the only reason why you are seeing somewhat of a bottoming process in some areas is due to the intervention within the market, take away those hundreds of billions of dollars that preventing some of these houses from going into foreclosure and $8000 tax credits and you would easily see housing drop an additional 25%, housing prices are still overvalued and not only that it will be many long years before anyone who paid top dollar in 2004-2007 to ever see any type of recovery on the price they paid. At least 20 years.
