That is a good point, I was thinking more in reference to the liquidity of actual prices. Developers and distressed properties will HAVE to sell for what the market bears. The market hasn’t totally disappeared. The greater the supply of “HAVE to sell” properties the greater pressure there is to lower price. If the majority of sales transactions taking place are dominated by desperate developers and distressed property owners then they have to compete for the limited number of buyers, thats when you could see median and avg prices plummet. The point I was making is that IMO we will have a far greater number of distressed property owners than in the past due to the disintegration of lending standards.
