It surely seems as though this is where we are heading with the real estate market:

Here’s the brief version:

• Home prices in major metropolitan areas fell 1.3% from September to October
• Many economists believe that the gains from Spring 2009 will be wiped out by declines in 2010
• Unemployment rose to 9.8% last month
• Demand is non-existent
• Supply is still growing
• Mortgage rates are increasing slightly
• NAR claims that 30% of sales have come from distressed situations
• Given the supply, Wells Fargo projects that prices will drop by 8% in 2011
• The simple truth is that people feel poorer when their home value declines
• “The Conference Board, a business research group, said Tuesday that its confidence index fell to 52.5 from 54.3 in November, as consumers’ views about job availability worsened” – reported the WSJ