Real Estate - Everyone knows about supply and demand
People are still buying homes, at least some are. I searched the Northern Illinois Multiple Listing Service for all the sales made in the first 10 days of 2008, also how many new listings went on the market so far in 2008.
It appears to be a 3-1 ratio, 3 sellers to each buyer.
For the entire Chicagoland area, the MLS shows exactly 700 closed sales of detached single family homes and 515 closed sales of attached homes and condominiums.
There were 2293 new listings of detached homes and 1579 new listings of townhouses & condo's.
So there are still buyers out there, just too many sellers.