Do home sellers have any idea how bad it is out there (and that it's just gonna get worse)?
Home ain't selling? Hint: it's the price stupid. It will always be the price stupid.
Good article from the International Herald Tribune, read by tens of thousands of Brit flippers getting slaughtered in housing-crash-central Florida:
The celebration is over as Floridians are battered by the housing slump
Until the housing slump hit two years ago, the worst thing that Floridians feared was the hurricane season. Now, they are in the middle of a different type of storm.
In some areas of Florida, real estate prices have fallen by as much as 40 per cent since the height of the property boom in 2005.
Craig Studnicky, of International Sales Group in Florida, another property broker, said: “We are having to cope with five or six years of oversupply. Right now, the market is a Mexican stand-off. There are buyers out there, but no one wants to drop their prices. The market is at a complete standstill.”