February 4, 2009 at 12:42 pm #89913
If people have large mortgages (most do). They cannot reduce by 30%+. I do know a few who have withdrawn their for sale properties.
If they do not want to reduce by 30% now, then they will need to reduce by 50% next year.
Or hold on on the property for another 10 year till prices come back…
I know it is an extremely unpleasant situation.