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They are shut out by inadequate availability of credit, not prices. And that nonavailability of credit is driven in no small part by continuing price declines.
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And what causes them to be unable to borrow? Oh, that's right: Nobody can come up with 20% down. Why is that?
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I really can't say it often enough, but you do yourself a disservice by reading the financial press.
Your story, that prices are too high and "tons" of people are thus sitting on the sidelines just cannot be. It's people being in the market that makes prices go up, you know.
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I've gotten that from friends who work in finance, many of whom are pulled out, and investing elsewhere. Your view that individual investors are all in doubled-fisted is cute though. It shows an endearing guilelessness.
Re the tautology, can you read? My whole point was we need a real rally people won't see through as artificially propped.
