Amitabh, obviously you are young in age. Therefore you do not understand that markets are not run on mathematics and logic alone (otherwise the richest people on earth would be mathematicians and logicians :).
Its run on the two human traits - Greed and Fear. These are the ones that create cycles (although natural cycles are governed by other factors as well). Greed creates boom legs (eexcessive ones like this creates super-booms once in 60 years). Fear creates bear and super-bears.
Please note that when EVERY SINGLE investor and analyst was looking at 25000 (just 7 months ago on New Year's eve), the market topped and then crashed. Similarly, the Real Estate bottom will not be reached in a great hurry. There will always be 'investors' and 'NRIs' with cash in hand. But REAL BOTTOM will be reached when NONE of these people will have the willingness or courage to buy because of the continuous and severe damage the many down waves will have done to their confidence and optimism.
And this damage will ensure that prices will decline by 50% to 75%, BEFORE the bottom is reached. I have seen 5 bear markets in Stocks and 2 in RE. And this BEAR is estimated to be the REALLY BIG Tsunami which even I have not seen. RE will first have to become a HATED sector before it bottoms. Thats the law of nature.
