As noone said the answers are all over this board….
Lets review…
Sticky on the way down… reluctant sellers with equity (and these seem to be more prevalent in nicer neighborhoods) don’t care. They price according to their own standards and if the home doesn’t sell then they pull it off the market.
REO properties not being priced to sell or being held off the market. We have seen alot of this. Remember, the NOD list being large is one thing. We need more more more REOs to hit the market so they will start competing against each other price wise.
We all agree that the ARM Tsumani is just now coming ashore. Give it a few years.
Just a few posts away you can read about people buying and just recently bought. Others, many others are out there looking. Granted sales volume is down, but buyers are out there.
There are plenty of other posts speculating on the reasons why RE moves down slowly… I am to lazy to keep writing, sorry bout that.
