Steve,
I really can't answer your question, but the list of foreclosures around just this small area is staggering. And they are still building a few new houses on speculation, but most are setting for long periods with no offers. I see For Sale signs on nearly every street, and they seem to be there for at least 8 to 10 months before the place sells. I talked to one person and they had lowered their asking price from $210K to $150K and still haven't even had anyone interested. Of course a lot of the people losing these homes paid three times what they were wort to start with. A $100K home form example for $275K, and now more are out of work and can't make those big payments coming up. So right now the housing market in this area is really soft. And there was a half page in the newspaper on delinquent taxes on property around here.
Ron
