I think occurences like this are hard for real estate bears to comprehend. There is lots of pent up demand at various price ranges which prevent a free fall in prices anywhere that is desireable and well located. Declines take time because there are folks waiting and watching every step of the way the down. How many there are is anyone’s guess. But what likely ended up being 50 offers on a single property in the face of an awful market is wake up call for anyone expecting massive declines soon in relatively desiareable areas.