“[T]here is and will for the most part always be people that will step in as buyers …The desireability factor simply makes it so.”

SD, not sure I agree here. I think that willingness is for the most part buyers not realizing the score, and agreeing to buyer broker pressure. I also don’t see desirability as being a huge factor. I have had offers accepted in three highly desirable places, Santa Barbara, Maui, and France WELL BELOW asking price. However, in each case I went against my broker’s advice and beat the so-called odds. Tenacity, patience and a firm belief it’s a buyer’s market is all it takes. Any hint of uninformed buyer competition and you walk away. Home prices are still very over-valued in many high end areas. The housing market has been socialized, and the industry needs to be grateful for the benefit check it receives from the tax payer. So it’s not the market is “a buzz”, as there is no true market, and many realities still haven’t been absorbed by everyone.