patrick.net

I feel your frustration.

Basically _most_ people who bought in the last 10 years can't sell, b/c they are underwater and they don't want to take a loss.

So where is the 'supply' going to come from?

_may be_ banks will trickle some shadow-inventory?

Strange market indeed!

What I am hearing from the Realtor I'm working with is that tons of people are basically stuck. A LOT of them bought during the bubble and in many cases their houses are worth 30%-50% less than what they paid. So they are sort of stuck more or less.

Sure- there's "Pent up demand", but that doesn't necessarily equal more sales seeing as how a far smaller percentage of those who want to buy can as they could in 2005 now due to much greater, stricter credit and financial requirements. That's the rub: TONS bought in 2003-2006 with crappy credit and little wiggle room and now TONS can't sell, thus there is less inventory overall. That doesn't mean that suddenly everyone now somehow has more money and homes are gonna' go right back to 2006 prices...