There's no over-valuation to be wrung
out of the market, no market
bottom to be guessed at, no blight
of negative equity to scar a generation, no
foreclosure / second home inventory overhang, no multi-billion mortgage scandals & litigation — it's just business as usual.
Nobody knows where the
bottom of the market is, and values that you assign one day can be
out of date the next day because
of all the distressed properties and
foreclosures.