“Down” from an artificial “up” means that a process of revaluation is in progress. Folks should not get convinced that prices will return to previous levels anytime soon, if ever.
Heard an example the other day of a house that was put up for sale for around $1 million. After 90 days there had been exactly one telephone inquiry and zero showings. Is this house “worth” $1 million?
77 million retiring Baby Boomers want out of their mcmansions. There are already 19 million vacant homes in the U.S.
What are homes worth? Cash value. Loan values do not reflect true market pricing.
A sick chicken, or a “million dollar” house, is worth exactly what a buyer is willing to pay.