I love stories like this: Contra Costa Times
To summarize, a jag-off buys a house in 1999 for $230,000; tries to sell the house in 2005 for $525,000; gets an offer for $495,000 and says no. Now he's looking at selling it for $350,000. He is given an offer for 115% of purchase price but he wants 128% of the purchase price. He declines and now is "screwed". He's gotten 3 offers around 350K so he's still well in the green but apparently he hasn't sold.
This real estate downturn is going to take a very, very long time. But don't worry, I can wait.
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