One other reason prices have not dropped is the marketing campaign the gov’t, NAR and others have been on.
For example, it was reported that Feb. existing home sales were up I think it was ~4.5% – but that was only compared to the previous month as I recall.
But from the previous year, existing home sales were down ~41%.
But people will pick up on the headline that existing homes sales were up in Feb and think: Am I going to miss this bottom, I better go out and buy now while I still can.
