My impression of the market is that there is now a 20% haircut on the average house, and 30% on horrible monster homes. Nobody really lives in these things, it was a bandwagon to jump on. Condos are next. They are mostly empty.
My surprise was always how long it took for desperation to drive the market. These are the 'must sell' immediately homes, and right now, they define the price. But it took over a year after the knees were chopped out. Lots of signs out now.
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