We are in the negation phase. Even though people hear news about rising unemployment, lower GDP, houses not selling, banks not giving mortgages, … prices are falling at a very slow pace.
People still do not accept that their investments will fail. Once this happens (and probably it still will take some time), there will be the hatred phase. Possible buyers will be scared. Only when the hatred disappears, and the negotiation phase starts, bids will be hit (at a very discounted level).
I do not know when will this happen. I imagine it will still take a couple of years at least.
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