DataQuick president Marshall Prentice was quoted as saying "The main factor behind this foreclosure surge remains the decline in home values. Additionally, a lot of the 'loans-gone-wild' activity happened in late 2005 and 2006 and that's working its way through the system. The big 'if' right now is whether or not the economy is in recession. If it is, the foreclosure problem could spread beyond the current categories of dicey mortgages, and into mainstream home loans."

I don’t know if you fully understand the potential impact of what Mr. Prentice is saying. What happens if people with sensible loans who made down payments start defaulting? If that were to happen, as one man said, “You ain’t seen nothing yet baby!”

Why would someone want to buy a home in the California market today when next week they discover they paid too much last week because of falling prices?

What typically starts in California moves eastward over a period of time. We are seeing some price adjustments in North Carolina but nothing like the California market. This is a great opportunity for agents to sell more houses (because they will be reasonably priced) and for selling houses fast using the auction method.

For more information on using the auction method to sell homes fast, go to my web-site www.canSellnow.com .

What are you California agents thinking at this time?