December 19, 2007
"While you're seeing a lot of people staying out of the market, you don't see as many people having to sell as they did in the early '90s," Painter said.
Painter forecasts prices will remain flat or decline slightly in 2008. He said he didn't expect any dramatic 20 percent drops followed by a rebound. "I don't think the market will start moving up until 2010," he said.
If there is a significant 10 percent to 15 percent price drop, Painter said, he thinks it will be in areas such as the Inland Empire, where there was an influx of new construction while the market softened.