"The game is over...a new one is beginning"

This was a quote from a comment to the LA Land blog on the Hell-Ay Times website, a fount of knowledge for real estate junkies. I must say though I go where the wind takes me, it hurts that 3% of homes sold were affordable to residents making the median income.

Now that easy debt is out of the question, my rabbit sense tells me that the bottom is going to fall out real quick.

My roommates own a condo and plan to rent out, knowing that they bought near the peak two years ago. And all I hear is "saying the market will rebound by 2009 is ridiculous!" Can you see people paying what they are now...then??? Unless incomes skyrocket and interest rates drop, well, that won't happen any time soon.

My two cents, anyhoo.