Real Estate 2008 is going to CRASH CRASH and CRASH!

Last month was an unbelievable month to me. I have seen prices in many the so called "prime area" near where I live have experience price dropped in an extraordinary fashion. Price sometimes could go down as much as 100,000 in a matter of days and weeks. With the record high foreclosure still coming to the market, tightened lending environment force out many buyer, losing confidences in real estate market, tons of bank owned property on the market, I really think year 2008 will probably the worst year for real estate price for decades in many many area. Today , the not so desirable get hit , tomorrow, even the better area will start to experience the FALL. Prices is going to toilet. It will be common to see all the equity built up last several year just evaporated over night. Even worst, many more people are thinking to just walk away from the house because they started to think foreclosure is a normal process that many people would just do. Especially with the new tax law "Forgiveness debt relief act 2007 " give people a break from not paying the income taxed owned from a shorted amount when a foreclosure sold, many more will take this "opportunity" to just walk away. There will be tons of foreclosure coming to the market at least until end of year 2008. I think the price would probably dropped back to the year 2000 level in many area. This means a property used to sold over 600K in the peak would probably go down half in value to 300K or even less. Whether you believe it or not, it's happening and can only get worst. If you're upside down already and has no equity in your house, be prepared to hold on your house for at least 5 more years. If you don't think you can Handel the payment for the next few years, call the lender now to work out a solution. Worst come to worst, be prepared and seek advice from CPA or attorney to plan for the foreclosure soon because price is going to drop even more down next few months. Whether you like it or not, be mentally and emotionally prepared to this greatest Market Fall in year 2008. See you at the bottom.