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On another note, it was mentioned that people are trying to sell their houses but that they refuse to lower their prices. The conclusion is that they must lower their prices further to sell and that unless and until that happens the market will stay frozen. What this fails to take into account is that in previous real estate bubbles (we did have some local ones that popped in the early 90s), some people tried to sell to cash in. When they couldn't, they took their houses off the market and stayed there.

Funny you should say that. That's exactly what we are contemplating right now. Should we cash out in a falling market or should we wait until it recovers? I doubt the market will recover in several years. And we have yet to see the full extend of the mortgage meltdown and we will see how many banks and other investment institutions it will take down with it.

I should have sold about a year ago...
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