On the way down, RE is sticky. Prices come down very slow
Look at my other post about my 3 neighbors chasing down the market. None of them shaved off 10%
None of them have sold either. A person that is putting up a ‘if they’ll pay me this, I’ll sell” isn’t really part of the market. It’ll be interesting when people start to pull comps this winter and start seeing recent sales taking bigger hits.
I think the biggest percentage drops will come in spring 08, as sellers realize that the spring 07 rebound did not happen, and RE is dead.
I’m wondering if SD will see RE as dead this winter if YoY numbers come in bad. OC & LA seem to be lagging SD by a year.
