[dragnet2]

That's all well and good. But from what I see in my area, there are few if any distressed sellers, bank owned properties etc. There was actually one and it sold and closed escrow well over 3 months ago.

All areas are not created equally, with some that experienced much bigger hits than others.

I tend to agree with this article, (for my area anyway) it seems the bottom has come and is probably behind us.

Then again, I'm not selling, so it isn't a big deal.

[NVDave]

Looking at localized areas won’t change the larger facts of how the bond/debt/lending markets are changing; things like Freddie/Fannie, Wachovia, CountryWide, et al... those are indications that things got bad, are bad, and the crap handed down by Merrill this past week indicates we’re not done yet.

Everyone, nationwide, will have to deal with the consequences of the current melt-down. Fannie and Freddie are going to increase their requirements of lenders, and are seeking to break down appraisal fraud, as are any national lenders that survive. Right now, Fannie & Freddie account for 80% of the secondary market. The effects of this have not been seen yet, but they will be a major factor in real estate valuations going forward.