I have a colleague who confided in me yesterday that she sold her semi-detached in a very good location in April and is now renting a place for 4.5k. She is expecting to pick it up again when prices go down substantially. I gathered she finally had the courage to tell me only yesterday because looking at the unfolding financial crisis her confidence increased that prices are indeed going to fall substantially soon. Her decision to sell a freehold semi-detached which never went up as much as prime condos did must be based on a large extent to the memory of the previous bear run. She must be expecting another 30-40% fall in landed property prices. My gut feel is that she is going to end up sorely dissapointed and will end up buying a intemediate terrace rather than in a semi-detached when she finally decides to reenter the market. Past memory can play out many people. They will learn when the time comes