The US real estate market has been very sluggish in its contraction mostly due to people who have unrealistic or intrinsic values associated with their asking price. Much of those heavy hit areas have residents who refuse to face the facts, and houses are going to have to be sold for less than what they are willing to sell at this point to ensure a quick and meaningful rebound.

That means it could take time:stoned:
GoldenBoy812 Reviewed by GoldenBoy812 on . one in five homes worth less than mortgage Almost 1 in 5 U.S. homes worth less than mortgage: report Last Updated: Friday, October 31, 2008 Reuters, special to CBC News Nearly one in five U.S. mortgage borrowers owe more to lenders than their homes are worth, and the rate may soon approach one in four as housing prices fall and the economy weakens, a report on Friday indicates. About 7.63 million residential properties, or 18 per cent, had negative equity in September, and another 2.1 million will follow if home prices fall Rating: 5