Also, I reckon quite a few of them here are desperate to get out now all the while thinking the market will slowly adjust, you know that "slow melt" nonsense.
The market doens't behave in a linear fashion. There may actually be no demand (due to oversupply, credit crunch, sickening appetite for properties and absolute fear) so that the price of a house in a particular place at a particular time can falls preciptously. That is there will be nothing standing between a 10% price fall and that of a 40% price fall for instance.
This is why I say many who didn't get out last year and wishing for a "sideway" scenario in 2012 LOL ! before making the ultimate decision will already have lost a lo of money for their window of opportunity to get out in one piece may already be gone.
The more price falls, the more defiant they become and then the more likely they will stay put and hope the market to stablise only to see those levels soon capitulates. By then they wish they had sold at a steep discount earlier that is not as gut wrenching as the discounts that now need to make to chase even more RELUCTANT and shrinking pool of buyers.
