There are well over 4.5 million used homes for sale (on the MLS), plus all those new homes and FSBOs. Can you imagine being one of 'em?

Someone try to figure out how many homes are really unwanted and for sale in the US today.

'Cause it's not just the record 4.58 million the NAR reports, it's the investor-owned units being rented out "until the market settles", it's the foreclosures and pre-foreclosures, it's the new homes, it's the spec homes, it's the cancelled contracts returned to market, it's the homes and condos still being built, it's the FSBO and Craigslist homes, and it's all the homes buyers have pulled off the MLS for now waiting to go back on.

It's millions. Millions and millions and millions. And like kudzu or tribbles, they just keep coming.

So, my question: Can you imagine trying to sell a home in this environment? And especially at 2005 or 2006 prices?

Get a grip folks. If you want to move your unwanted home, you're gonna have to slash the price. Just ask the folks at Hovnanian.

Classic mania. Classic crash. And now there's all this inventory that nobody wants and nobody wants to admit to themselves what its true value is.

Damn, this is gonna end ugly.

Supply and Demand, meet Prices. Florida housing crash and mortgage meltdown makes international news as Brit flippers get slaughtered.

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.”