I share much of CAR’s sentiments. It has been very frustrating to see people buy homes they could not afford to now live for free. It is disturbing to watch taxpayers bail out banks, more troubling that many people are okay w/taxpayers paying as long as price of homes stay high. Those prices were unsustainable. PERIOD! Unless people have the income to support it, it was all “Fake, fake, fake, fake.”

I also resent the artificially constrained inventory while simulatenously stimulating sales w/tax credits, and low interest government loans. It is rigged and I don’t know how a real recovery can come from it. They succeeded in borrowing buyers from the future. The banks still have a lot of inventory to contend with. Maybe they’ll continue to trickle it in. People seem to like that. But IMO if they just trickle it in, it could be 10 years before all this gets resolved. In the meanwhile, that means those waiting for prices to go up again, may not be able to hold on. I think we’re starting to see that in the high end and I think there’s more to come.

To add to what CAR said about heirs selling. Some of these heirs have their McMansion in great school districts who are now upside-down and struggling. I’m sure they would rather sell their parents’ home and split the proceeds among the siblings so they can continue their lifestyle. They may start out trying to sell high, but eventually, their own needs may force them to reduce.