[BroadHopper]

To Second Curve and Lawn Psycho:

You are both partly right. In reality, foreclosures, auctions, separations, and death place an important part of the market. All bring the prices of RE down even further. And that is a quote from an RE appraiser.

In my case the gentleman next door to me committed suicide. The house was sold at half of its market value, furnished! Something about liquidating the assets to settle estate liabilities. I didn't know about it as it was sold quickly to someone that knew beforehand. According to the appraiser, that alone will drive RE prices for the neighborhood down for at least 6 months.

If I was to sell my unit it will be a substantial loss. I was hoping to 'carry the same mortgage value' from the current home to the other. The only way I can get a loan from the bank as I am on pension.