Reply #2: Check out this site.

[livvy]

You can see what homes are being auctioned, in forclosure, for sale, etc. Looking at a fairly affluent area near where I live, it's really amazing, and alarming.

Homes for sale: 161 with an average price of $319,000
Forclosures: 172 with an average price of $166,000
Nothing is selling. My sister has had her home up for sale for close to a year. It's a really nice home, 3 bedrooms, family room, well maintained, and empty. They have not had a single offer. They are really struggling to pay the taxes on the property along with the mortgage on the condo they moved to.

There is a home in forclosure on my street, and these are homes that, in the past, sold by word of mouth. You would never see a for sale sign. One day you'd see a moving truck, the next day another, and you'd have a new neighbor down the street.

Seems the bubble has done burst.

http://www.realtytrac.com/