Wong told us that:
The lack of buying activities and large number of listings continues to exert pressure on home sellers to cut their prices in order to sell their homes. There are many more homes listed at or below their city assessment values. Homes that were sold were ones that aggressively cut their prices, or were sold by sellers who accepted low-ball offers.
This is 7920 Shackleton Drive in Richmond which sold this past week (click on images to enlarge).
Instead of asking above assessed value, the sellers recent ask price didn't even come close to assessment value.
Here you can see this single family home being flogged for $849,000:
We are told the final price was $765,000 (hat tip VMD and gokou3 on VCI).
The only question now is - how many will be smart enough to cash out before the crash begins to pick up speed in earnest?
The seller of this million dollar home might get $750,000 now... but in a few months they might well be lucky if they fetch much more than $650,000.
It's all a question of how quick sellers will stampede for the exits? For in this game... holding out might mean you might only be able to get $550,000 by next Summer.
Click 'comments' below to contribute to this post.