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Bottom, bottom, where is the bottom?

Traders on the floor of the New York Stock Exchange.

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About the author

Steve Chiotakis was the host of Marketplace Morning Report until January 2012.
David Williams's picture
David Williams - May 28, 2009

Chris Farrell's conversation this morning is exactly my situation. We have a 2 bedroom house in a great neighborhood in the Saint Louis suburbs. We have a great starter house. When we listed it six weeks ago, we had about 12 competitors & we are prices in the upper 3/4 of price due to the condition of our house. Since then, we have had 22 other houses come on the market and all priced much lower than ours. We are now the highest priced house like ours. The part of Chris's story that really rang was the fact that the in the same six weeks that 22 two bedroom houses came on market, only four, count 'em FOUR 4 bedroom house come on. Our prices are falling due to competition, but they houses we would like to move to have little competition & their prices are still high.