Mon, 23 Jan 2012, 1:47am PST
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Well, one reason could be nothing has changed in the last few years and a major player is the huge white elephant in the room no one wants to address, Fannie and Freddie:
Basically, the 'market' is not a market, just a bank / 'whoever' wish list balance sheet price listings they control.
It doesn't take much to see this, pick a few cities on Redfin, you will see:
1.) Most are short sales or REO's
2.) A cash investor got lucky on the courthouse steps and is trying to flip.
3.) Someone who bought wants out.
Week after Week, ever wonder why no listings come out on the weekend? The banks are not open on the weekend...