[quote=sdrealtor]Unemployment is what will take the mid to upper mid tier down another leg. I have seen it already in my neck of the woods. Homeowner loses job and has plenty of reserves. Homeowner hangs in about 6 month slooking for a new job. No job found, its time to sell the house before its too late. Time frames may vary but thats what I have seen.[/quote]
sdr,
While I have seen the same and it will/may continue for a while yet, it is on a much smaller scale to what happened in the more blue collar area’s than your area. If they can hold on to their Job’s the vast majority will hold onto the house even if they are under water 100 or 200 K.
Most have a grasp of statistics and know the odd are in their favor as long as they are not going anywhere for the next five to ten years.
While you may even see 50% off, I would think your going to have to move quick as they will not be on the market long when they do hit.
