People can see what is going on. Loans are adjusting, they would like to sell, but they see and hear that houses just aren’t selling, so they aren’t bothering to list them.
This wasn’t the situation in 2006.

There are plenty of people who would gladly sell their homes, but cannot afford to at todays price, without a huge loss.

I’m amazed at the number of people who say that they will wait until the market gets better.

The question is, how long can they afford to wait until they list or go into foreclosure.

Some people are bleeding their savings and retirement accounts to continue making their payments but will end up losing their homes anyway, and be near broke when they do.