This was sent in as a comment but I thought I’d give it more prominence:
Like you, Chris, I sell residential real estate for a living. (Well; let’s say I try!) Bad as it is to see homeowners who have seen a significant drop in the value of their home – it’s even worse to see those who purchased recently and may now face tough times because of it.
Still – almost everything has dropped. Last time I checked, my stock portfolio is half of what it was 14 months ago – and the carnage seems to continue. If I want to sell what I’ve got, it ain’t gonna be a 20% or 30% drop – try more like 50% – or worse in some cases.
We all have to suck it up and acknowledge what it is today. That is – if we wish to sell. And – try to remember the silver lining… for those who thought they may have been shut out of homeownership forever – the door is opening wide. That is – if sellers will be realistic and let them.