The Real Estate market cycle(s)

[Micheal Waldrup]

Newbie here. In doing some of the reading here on the site, I ran across this graphic. http://www.biggerpockets.com/rei/wp-content/uploads/2012/12/Real-Estate-Cycle1.png

I realize that there a multiple versions of this cycle running at all times, where the local market may be at a different place in the cycle than the macro cycle. By macro, here I mean national (U.S.) market.

If you had to place the country as a whole into one of the spots on this diagram, which would you say we're in now? Does that choice differ from where you'd say your local market is? I'm trying to get a feel for recognizing this in both a micro and macro scale. I'd love to hear as many opinions on this as I can.

[Scott E.]

GREAT topic. My opinion is that we are between the climb and the peak. Especially in my area, I don't see prices rising much more, except for in niche neighborhoods that are currently being heavily developed. I also don't believe that we're near another tipping point either though. I expect prices to level out (or "peak") and remain there for some time, with minimal but steady appreciation.

Many people likely disagree with me and would suggest that we're in bubble territory again. I too am interested in following the responses here!