[misterrob]

Bunk. It’s already been happening with declines of 10-15%. We are not going to see housing drop 30%.

[Hoffer Rand]

Probably not across the board, but in some situations, we will, especially for houses that were overpriced. House about a block from me has been on the market a year. Started at $490K. Owner is RE agent, adamant he was GOING to get that for it. It's now listed at $379K, and he's been dropping it $20K every 2 weeks for the last 2 months.

Of course, what really amuses me about this sitation is the guy that lives 2 houses down from this guy now has his house for sale (similar type, age, condition, size, etc) for $499K.

[Freedom_Is_Not_Free]

Maybe not you, but a LOT of houses in the Sacramento area are already selling for 30% less than they sold in 2005, and prices are still trending down. Some homeowners may see may see a 40% drop from peak before this is done.

Hovnanian’s 20% off fire sales shows just how fast homes can drop 20%. The day Hovnanian slashed prices of new homes 20%, all the neighbor’s who had paid full value took a 20% hit on resale value as well.