I saw the following in an article from a panel discussion about the psychology of the current state of the housing market.
“The first stage is denial. At first, when the housing market began to slow, some analysts and experts said it would be short lived.
At the next stage, there was an admission that there was a housing problem but a denial that it was impacting the overall economy.
The next stages are grief; depression and acceptance. The National Association of Realtors trade group shares some blame for releasing “sunny forecasts that did not accurately reflect the spiraling market.”