This is from Michigan; but I am not conviced it can’t happen in California or SD.
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The Flint Journal from Michigan. “Kevin and Kassie Gast listed their four-bedroom home in Grand Blanc’s tony Kirkridge Hills subdivision last July for $267,000.”
“When it didn’t sell in three months, they repainted and recarpeted, and lowered the price to $230,000, then to $220,000 and again to $203,000. Finally, in July they slashed it to $199,000.”
“No luck yet. ‘I haven’t received a single offer,’ said Kevin Gast, who moved from the area with his family to work.”
“Gast might have to lower his asking price even more to compete in today’s local housing market. During the past year, the average sale price of homes has dropped in every school district in Genesee County, according to a new survey by the Flint Area Association of Realtors.”
“There are more than 8,000 homes for sale across the county, a number that’s been climbing by about 1,000 each year for the past three years. Real estate agents say a whopping 45 percent of area homes for sale are foreclosures, the bulk of them in Flint. Agents said banks are accepting offers so low they are driving down the price of other homes.”
“Gast said he’s willing to take a hit in the pocketbook just to unload his 2,800-square-foot home, which he bought seven years ago for $215,000.”
