Hes defintely not in denial of the market though I suspect he doesnt like the auction thing because it competes with what he does. Here’s an example of what he said. A condo coversion in UTC on Nobel sold for $240K (this is from my foggy memory so i could be off a little) and the builder is selling them for $310K.

Remember, to us $25,000 isnt nearly enough for them to drop from current market rates but from the bank’s perspective it could be an unecessary $25,000 loss which is real money to them.