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Originally Posted by LIforrelaxin
I think one Key here is that the sellers "aren't willing" to come down in prices becuase most of them have no need to. They want to sell there places if the right offer comes along and they can make a chunk of change, and maybe up grade, but if not they will keep on enjoying. My quess would be the last place we will see property prices correct themselves is up around the lake.
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A lot of people bought property during the boom times as investments. As soon as an investor realizes that their real estate is depreciating or not appreciating fast enough, he will dump it. That forces the market to spiral down. It might take a little longer to get to here but it's coming. Probably not as bad as the 80's.