No No No Not Today GIF - No No No Not Today Nah GIFs

The biggest barrier to prices going down is that sales are needed to prove it.

Back in the old days when we had foreclosures, the banking rules forced lenders to keep selling their REOs, regardless of price.

But who or what is going to force regular homeowners to sell for whatever the market will bear?  Anyone who needs money can borrow against their sizable equity, and virtually everyone who can’t get their price today will blame it on everything but their price (“I have comps!”) and wait for a sunnier day.

How bad will sales get?

Here are the NSDCC sales counts from recent months of July:

2017: 260

2018: 271

2019: 281

2020: 351

2021: 312

We’ve only had 103 NSDCC sales this month, with a week to go plus late-reporters.

Sellers get a vote in this process, and they can choose to not sell – and create the Big Standoff.

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