All Downhill From Here, Baby!
I like the way Ben Jones characterizes the progression of this crash. It looks the same everywhere, no matter all the fools who delude themselves with: "It won't happen here." It will happen here. It is happening here. Every location that sowed the wind of the real estate bubble, will reap the whirlwind.
It looks like this...
First, the multiple bids end.
Second, sales slow and inventory builds.
Third, builders offer incentives.
Fourth, the resale market also start offering incentives, burying St. Joseph and probably praying to St. Jude, or bargaining with their gods to get them out of this mess and they will never fool with real estate again.
Price cuts and more price cuts.
Rinse and repeat.
Prices eventually stall when seller wishing prices drop to what they owe, and no fool has rushed in to bail them out.
All downhill from there, baby.
Sonoma Valley Pre-foreclosures
(click pictures to enlarge)
Sonoma Valley Foreclosures on the Auction Block
Sonoma Valley Bankowned Properties