@grannyring
Hope you are well Bill!
Demand stops them. It’s always about demand and supply. Yes, prices do come down. The housing market has been riding up and up, but right now it has peaked and has actually come off. Why? Demand is down.
Demand isn't down, supplies are at historic lows. If you remove "stale" housing inventory from the equation (think a teardown priced at new construction per sq ft, there are some truly stupid listings out there) then the ratio between the number of potential buyers and potential sellers is nauseating in the event you are looking for housing. Another challenge...conforming loan amounts have failed to keep pace with housing prices. I'm not saying housing prices won't fall but there is enough pent up demand from groups with large savings that it won't be anything like 2008...home equity is also at historic highs.
Its the same old adage though right? Its a recession if your neighbor is struggling...if you are the neighbor in question, its a depression.