When the Market Turns - What is the Best Strategy?

[Dennis King]

In Kansas City, the single family home prices dropped 20% in 2008 in many areas and the inventory  and day on market increased dramatically. When the next downward cycle hits, what are the:

    1) Key drivers (economy, interest rates, war, local economy change, lending changes) 

     2) Impacts (price drop, days on market, both, no funding, acquisition costs) 

     3) Strategies (a. buy, fix and hold; b. buy/sit; c. do nothing; d. buy/wholesale)

We are in a long 7 year real estate boom and this can't continue forever. I wished it would, but I want to get folks sentiment on the topic.