[quote=sdrealtor]Many of the type of folks Stan refers to live in my area. Most have lived here pre bubble. Their billable hours will be done, their commissions will be done, their stock portfolios will be down, their bonuses will be down. They will be hunkering down and not looking to move but rather to maintain the status quo. My hypothesis is that the vast majority will have no problem doing so.[/quote]
If they were forced to sell, yes, that would drive prices down fast. I think the important point is they are “hunkering down” and are not out there buying. So we see sluggishness, not cataclysm. A market with falling prices but low transaction volume.
