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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (80093)	6/25/2007 4:36:46 PM
From: J. P.	Read Replies (1) \| Respond to of 306849

We've been going to open houses in the Chicago area (Price range asking 700K - 1M). These open houses are all ghost towns, and we are always the only ones there. Went to a KBH development in South Barrington, they basically built McMansions all packed together out in the middle of nowhere. Which begged the question, if we wanted to live out in the middle of nowhere, why would we want to live packed in like sardines? Anyways, this place was empty, and it looked like nobody lived there, and there were no cars at the sales office/model, except for the realtor's car, so we kept on going. We spent yesterday looking at homes also, and all the realtors promised dramatic price cuts under the ask if we wanted, and we never even asked for a price cut. My sense is that sellers have not yet absorbed the reality of the market, and they are still asking peak prices. There are simply no buyers, and there is a lot of inventory for sale. Nobody here should be surprised.