Somebody better figure something out. It ridiculously difficult to get a short sale thru, subsequently there will be lots of foreclosed properties applying even more pressure to drive prices down. Plus, the lenders for purchases are getting to be as tight as a bull’s a$$ in fly time.
Be patient. Wait a few months and reality will begin to set in. Right now, lenders are just reeling with processing the volume of foreclosures. Soon they will have to get serious about getting them off the books. I'm currently negotiating a price of 95K on a property that appraised at 550K three years ago and I think I have a 60% chance of getting it because the lender has 6,000 properties now and it's just the beginning.