I was having a conversation/bitch session with a mortgage broker I used to do appraisals for yesterday. He posed a very interesting question: Where will the next wave of buyers come from? Most people who bought a home in the previous 3 years are now backwards in them and it will be a while, 2-4 years, before they are back to breaking even. So, these folks will not be players in any real estate recovery, at least for quite a while.