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[Clansgian AT wmconnect.com]

> >I just took a look and land is going for around $7k to $10k and acre 
> around here.
> 

Going for or listed for?

The listed price for real estate around here has dropped by a considerable 
amount, but not nearly so much as it has dropped for actual sale prices.

One thing that is clearing the air is that the average price for real 
estate had been muddied by the fact that banks were buying back their own bad 
investments for exagerated amounts so that the "assest" wouldn't look so bad 
on 
their books.  These 'transactions' were calculated in as part of the 
'value' of real estate in any given area.  With far less capital to slosh 
about 
now of days, there isn't nearly as much of that going on.  Many markets are 
simmering down to 'arm's length' type of transactions and prices are becoming 
much more realisitic (that is, based on incomes and assests and not based on 
the hallucination that prices will go up forever).

This area isn't particularly hard hit as far as the overall real estate 
bust goes, and yet the number of long term for sale signs is legion.  Also 
(and 
this surprises me, maybe someone can enlighten me) I know of half a score 
of properties that have been vacated due to foreclosure and yet there are no 
'for sale' signs on the properties.  I am told this is not uncommon.  Why?  
But it means that even when I drive by an area with a for sale sign on one 
out of every five properties, the number that are really vacant or for sale 
is larger.

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