Last September I blogged that the house across the street from us had been for sale (well, had a for sale sign in the yard and a listing in the MLS) for 18 months. Well now it's the end of March and the sign is still there, so we are marking the 2 year anniversary of this neighborhood tomfoolery.
Coincidentally Dave Leonhart has a piece in the NY times on problems that homeowners have accepting reality. He cites an LA realtor claiming that "he has recently been saying no to almost half the sellers who have asked him to represent them. Their initial asking price is just too unrealistic."
Besides the obvious costs these folk are imposing on themselves, there is also an external cost here, isn't there? Aren't we waiting to see where housing ends up being priced so that we can resolve uncertainty and get back to the great business of America, getting in early on the next bubble with borrowed money?
So come on you would be sellers, suck it up and mark it down! Take one for the team; Team America!