California (poster child for declining RE market) is getting multiple offers on homes. Sales were up 65% in September YoY, of course the numbers were easy to beat and all of these sales are from banked owned houses. The point being that multiple offers are being received as asking prices fall. So what do you know, sounds like classic Econ 1A, as supply moves to the right on the supply curve, equilibrium price falls which is just what is happening. As we experience more capitulation in the housing sector (people giving up on the idea that they 'deserve' some imaginary amount of equity in their home), then we will once again find equilibrium in the housing sector. Dropping the asking price substantially on home resales is the key to recovery in my opinion (and I'm doing my part).
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