I think it’s a race to the bottom for those who have to sell. I know many have written that it takes years to reach the bottom but I think the internet is going to change this crash, buyers are too smart and not at the mercy of realtors and newspapers for data. In the last down cycle I don’t remember houses in the same tract going for half the price of others. That third one is $110 a square and only 70k off it’s 2001 price, those are the only ones selling and setting new comps. There has been a debate here for a while about a slow decline or big chunks, I think we are seeing big chunks as evidenced by pizza’s links and my original post. I wonder how the new law eliminating tax liability for short sales will boost the big chunks and set lower comps as we move forward.
