Many Homeowners Still in Denial About Prices

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It's a pleasant form of denial, to have a fantasy about what the house might be worth, as long as you're not pressed to sell anytime soon.
I hear on the news that 1 house in 5 now has a mortgage balance due that is bigger than the current value. If this is true, then prices have a way to go yet---down.
The trick is how to keep people in them, rather than kicking the occupants out so investors can snatch them up at half price.
But people willingly PAID too much, you say.
Yeah, they did. 'Twas hard to find one to buy that was not overpriced (in retrospect) during 2004-2006, and even several years before in some markets.

of 2:47PM October 31, 2008