The bigger they are the harder they fall: click
We talked to a used house salesmen yesterday about the reality of the market.
Here is what he said. There are lots of people with 2 million plus cash looking but they want to buy a 4 million house. answer: wouldn't you ?? I would be doing same thing if I was in that situation. Problem is, not many sellers with 4 million dollar homes are that motivated. Thus there are 52 plus homes around here for sale.
We looked at the online auction. What appears to be.. they are auctioning off for the amounts owed and in my opinion on the few that I looked at, were way over mortgaged and not worth the auction price. But we didn't spend a lot of time there.
more later our internet connection has been down most of the am.