Property credit crunch

I was having lunch yesterday alone. On the next table, there was 2 ladies in their 40s talking about property. One said that she own a few properties and is concerned that interest rates are going up. She seemed a little 'desperate' and asked her friend if she wanted to buy over one of her property. Then went about counting the financing cost of each of her properties in detail. Her friend did not seem interested.

Personally, I have other friends and colleagues, mostly in their 40's who own more than one property. This is the first time i actually hear someone who are desperate to offload their property.

As of today, the price of property is still holding up very well though the transaction volume has come down.

I believe it is not the right time to buy property yet. Prices have not corrected. And when they do, volume usually increases as new buyers are attracted by the lower prices. Price may continue to fall and fear turns into panic when volume dries up even though prices continue to fall. The bottom have finally been reached. And this is the best time to bottom fish. i.e. Distressed selling would occur and usually coupled with foreclosures from banks (i.e. force sale)