They are asking the same price it sold for when everything was in tact and brand new... do you think they could be overlooking something... not to mention the decline in market value alone??

Tracy and John-- I agree with you both.Short sale pricing is tricky, though the banks DO try to accept 90% CV, 90% CV at the beginning of negotiations isn't the same as 90% CV 3-4 months later because of the steadily declining market.

a recession is a decline in GDP for two or more consecutive quarters.words mean things.

Depreciation accounts for the fact the property's value declines over time.

I offered 34k they declined...

Another important thing is if your neighborhood quality declines, sell your property and invest in a better location.

I suspect you are indeed going to see continued declines in your area.What you might try to do is some "what if" analysis.

In a declining market, you don't go long.. you "go short"... you "sell", then "buy".

Here in Portland it seems to me that our market is just slightly declining but still strong and really good deals are further out of the city.I search for properties using the listing sites, advertise, and then drive by.Question: How to go about requesting a list of foreclosures directly from the REO Departments of banks?

[i]Citi now has earnings problems, they have balance sheet constraints, they have further CDO writedowns, they have exposure to the monolines and they have the single largest concentration of exposure to high LTV [Loan To Value] mortgages.Citi has over $50 billion in exposure to 90+% LTV mortgages are likely underwater now that housing prices have declined.