In my area prices have taken a nose dive. Yes, there are the feeble minded folks still asking “585k, for a SFR 1300sq ft, 1972, no ups no extras”. They are clearly in the minority. All the good deals are REO’s and short sales.

However, when a decent size, good neighborhood, with pool, comes on @ 385k to 399k it’s quickly scooped up. These are regular loans. If they are going that fast still, to me that says people who can afford to buy, are gonna buy at that price, so how can it go lower? Over 50% would be several hundred dollars less than going rent…….