These two graphs say it all

Everyone wants to be renter, and nobody wants to be an owner. When has herd mentality ever paid off?

"When has herd mentality ever paid off?"

Gold.

Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.
Charles Mackay
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the herd moving from renting to owning is much more easily accomplished than owning to renting.

The first few of the herd venturing out, if they are not eaten by lions make out quite well , as the grass is fresh. The last ones probably do get eaten by the lions, and if not find out the grass has already been eaten. It's tough being a zebra in Lion country.

depends on the numbers. those who jump in too early regret it also. when case/shiller has at least stabilized maybe the herd should take notice. if prices start climbing crazily again, as most people have seen no income gains, that's just another bubble.

People can make plenty of money in bubbles.

like real estate attorneys?

Sure, you can earn money with the volume. I was talking about investing though.

manhattan might not fit the graphs or the herd. No inventory-Nothing interesting in th buy category (above 1.5 mill).

"When has herd mentality ever paid off?"

Tunsia

"When has herd mentality ever paid off?"

Based on your first chart, it seems like 1995-2006.

I love when people try to be contrarian by pretending that they're alone in their opinion. By no means does everyone want to be a renter right now.