buy? sell? wait? rent? lease? what should I do?

It's an interesting time in real estate right now. values have quickly dropped and may continue. Some find themselves below what they bought for forcing them to look at renting or leasing out.

The number show we over built. Population grow has been moving along at a constant rate. But, home production was up through the roof at all time highs. How did we all not see the bubble coming? When everyone you talk too owns 2 or 3 spec homes you'd think it would be a sign. I find the interesting opportunity to be what's going to happen in 5 years? in the Salt Lake and Utah Valley's new construction has almost completely stopped. Besides some condos, townhome, and commercial projects I don't know of anything else being built right now.


How long will it take for demand to catch up with supply? In the past year I have seen hundreds of homes just sit there with no interested buyers. Many have been stuck behind layers of liens, defaults and banks that have no idea of what to do. But in the past 2 months I've seen a handful of these homes being picked up. By what I'm seeing and the rate things are moving I have to ask: how long till these sitting ducks are all gone?
I'm guess 2 years but predicting an amazing opportunity in 2 years when that happens. supply and demand will meet and homes will need to be quickly built. land will continue going down and prices will flatten.