I guess that is the difference between the foreclosure tsunami and the private seller tsunami. The private sellers will hold out for an unreasonably high amount while the banks will just sell it.
Still, the number of people who want to sell is very telling, methinks. The burden of making monthly payments for a house priced x on a house worth 0.7 * x is starting to take its toll and there truly is no way out. The future implications to the economy are bad.
People will either continue to divert funds (that could otherwise go into the economy) toward paying off that debt; sell the house at a loss; or get foreclosed on.
Different people have different pain thresholds/timelines and so the pain gets spread out over a long time.
So, the private seller tsunami isn’t really a tsunami. Just a slowly rising tide.
