"W" [hat tip] points us to the local fishwrap which is just a smorgasbord of epicaricacy. Read it and giggle. Be sure to also read the comments full of derision. One tidbit from the article:
That's not comforting to Susannah Abel-Crombie. She put her five-bedroom, three-bath, 2,600-square-foot home in Ojai on the market two years ago for about $839,000. She since has lowered the price to $719,000.
"I could drop it to $600,000," she said. "I don't think that will make much difference. People aren't buying. I think everyone's holding their breath and waiting. It's frustrating."
Abel-Crombie takes solace in knowing that home values are also declining in North Carolina, where she plans to move with her family. She hopes to pay cash for a house there.
Lucky for us there's enough information to track down her listing and get a bigger laugh.
Realtor dot com
The truth is in the sales history/tax rolls as well as the neighborhood. This is a "bump up" house in an otherwise single story neighborhood. She bought for $170k in 1988 and looks to have upgraded in 2004-5. IOW way over improved for the area. The tax man values it at $500k and she's wishing for $720k and even understands on some level that $600k is too much. Without the $720k she can't get a free house in South Carolina. There's a clever marketing strategy. Not.
People like this are starting to piss me off. Two effin' years on the market? Lady there aren't any fish in that barrel. My favorite comment is from a smart guy named Smashy_Crashy:
Just to put things in perspective the CAR thought the median price in 2008 would be $553,000 at their forecast in October of 2007. It will end 2008 below $400,000.