By our calculations and criteria (how much money we made this year vs. last) we are at 2 years and counting in this recession. Many sellers during this time have chosen to "hang on until things get better." This created a scenario where a limited number of properties were selling because buyers are not willing to pay a premium in this environment. So, it has been hard to tell how much prices have really fallen because there haven't been a lot of motivated buyers AND sellers to set the market.
However, things may be changing. Take a look at this recent N&O article. These comments suggest many sellers, particularly banks, have decided it's best to go ahead and sell their properties. More and more people are beginning to believe that this "downturn" may just be the "norm" for a while. This is creating an opportunity for buyers who have cash and are ready to pull the trigger on a "DEAL."
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