Realestate going down the drain

Realestate seems to keep sinking , as speculators and homeowners are selling for pennies, comparing to what they had bought for. I am just surprised to see this type of reaction in the real estate market, especially after the credit crisis. I mean a decline at a certain point is OK, but we can’t afford to have our home prices dropping like there is no tomorrow. Worst of all, people just want to get rid of it, and they are trying to sell for a value that isn’t even worth selling. But, then we face the question- Is it better to sale for something and get out of the market or keep sinking and eventually declare bankruptcy?

Worst is yet to come, simply because if you house a phosh house in a multimillion dollar neighborhood, and you sell for a million under- guess what buddy ? Not only are you killing your own expected house value, but also others in your home. The market is in a horrible condition and it won’t seem to correct itself anytime soon. This is a so-buyers market.