[Notary Sojac]

Mr. Fantasizing Seller, could you please sit down for a moment and make yourself comfortable?

I’d like to explain to you the impact that:

reinstatement of prudential mortgage lending standards, and

an effective eighteen percent unemployment rate,

have on Mr. Realistic Buyer’s willingness and ability to pay your wishing price.

[Terry Mross]

I’ve noticed lots of “banks” don’t want to cut the price either. They’re sitting there with foreclosed property wanting what’s owed on it when it won’t appraise. I guess they’re waiting for the “ultimate” bail out that’s coming from islamabama.

[thulldud]

Anybody notice something missing from this story?

I don't see an "UNEXPECTED" anywhere!

(That was unexpected!)

[troy McClure]

I just was looking a a place with 5 acres, the 3 bedroom house sold for $171k in Feb 2010, on the market for $103k today.

In the area I am looking there are 181 homes for sale, most are bank owned.

[Rational Thought]

It’s not reinstatement of prudent lending standards. It’s lunacy. The new Government mandated guidelines and procedures (created and implemented by the very same people who created the situation to begin with) not only precludes risky borrowers, it precludes good borrowers.

I wonder what the percentage of purchases that fail to close is these days due to lending procedures? I’ll bet it’s around 70%.

[longtermmemmory]

how many were short sales rejected after months and months by the banks.

[listenhillary]

PTFL

[AdaGray]

Prices are not coming back for a long, long time.