I am in the more than 80% decline off of peak (big supsrire). I think we'll be revisiting prices from the early '90s or '80s before this crash has run it's course. This is NOT just a the normal cyclic downturn we have known. We are facing a major GLOBAL credit bust that is going to shake the global economic system severely, clearing out all the mal-investment and leverage wherever it may be.Unfortunatley, our region won't be immune from this depression. I still point to the fact that we have a higher portion of home-owners without equity than at any time in the past. This leaves our real-estate market extremely fragile as these home-owners have nothing to fall back on when the economy goes south (i.e. they can't sell if they lose a job, etc). Rate this comment: 0 0

by Simon 06:11:30 AM 2013.01.27

Euro,It sounds like you're triyng to say that houses are selling for less that what they're really worth. The selling price of a house is EXACTLY what it is worth. It is the SALE prices which determine the market, not the asking prices, and I don't see any reason for buyers to start paying significantly more than comps anytime soon.Prices still have a long, long way to fall before renting out a home doesn't incur a substantial loss each month. I think as the reality sets in that 2007 price levels won't be seen again for a LONG time, more and more sellers will accept taking the loss now rather than over an indefinite time period, or worse selling for an even bigger loss later on. Rate this comment: 0 0

by Haruna 06:11:32 AM 2013.01.27