Nationally, these guys say we have at least another 20% to drop. If California and Nevada are close to bottoming it’s because their prices have already dropped so far. Late bloomers, like Greenwich and New York City, were the last to feel the housing collapse and I, at least, think we’re still falling. You may disagree, in which case I invite you to come shopping for a new house with me. We’ll offer 95% of asking price, the (manipulated and deceptive) “historical” selling percentage in Greenwich, according to the realtor board, and I guarantee you’ll have your choice of every house out there, including Mad Monkey’s.
UPDATE: Miami isn’t Greenwich, although many of Greenwich’s more prominent felons end up there, but the logic of prices falling until buyers and sellers reach a balance would seem applicable here, too. And in both Miami and Greenwich, there is still a gross imbalance. Here in the land of Leona, we’re looking at at least a three-year inventory and as for $5,000,000 + houses, well, what are you doing in 2050?