I sold real estate during the early 1980s and we were selling houses that had mortgages of 21 to 24% at the time and when the crash was happening we were reducing prices weekly 5%.
I’d say the challenge I felt at the time was that we had to get our price down lower than anyone in the neighborhood was asking so we could get rid of that property as quick as possible because if we didn’t the other guys house would sell and we would be stuck refinancing at 21 to 24%.
There was no way that the homeowners at the time could afford such huge increases.
If they were refinancing their mortgage payments were quadrupling.
When the dust settled, I would say we were down at least 30%.
So a house that had been selling for $130,000 ended up selling for around $80,000.
Believe me those sales were grueling and painful.
I feel this bust is going to be worse than any other bust in the last 50 years.
It is going to be brutal…..
For a very very very long time!

Dave what you’re saying exactly bang on and I expect prices to drop minimum 40% before this is said and done and potentially 50%.
The secret in this type of a market is getting rid of whatever you need to sell fast so reduce reduce as quick as possible before the other guy does.

i agree, the average ppl were able to see something is not right. FOMO has been on the tv radio, real estate agents saying now is the time… but guess what they were in on the scam.. now its time to pay the price for being a gullible follower. just like those sheep that lined up for the jibby jabs. haha suckers. should of listened to us avg ppl.