What i find most intriguing about that graph is look how many data points there are on the way up and how few on the way down. It looks like a 175 sale in late 2006 and then the next sale is 125 in early 2008. Six months later it looks like 65,000. Those quick drops with small volume reek of REO sales. I guess its easy to take a 30% to 50% drop off the last comp when its only 50,000. I wonder how quick the same bank would be to take that 30% to 50% hit off the last comp when its 500,000.

FWIW, I am working on a deal for a downtown condo in one of the luxury buildings that would be a late 2001/early 2002 price.