Currently West Michigan is the worst performing Real Estate region in the US. Real Estate is going down in price faster than people are trimming "sale price".

The person next door has been trying to sell her house for 2 years. It went from $130K, to $124.9K, to $121K, to $114K to $109K, to $104K. It still wasn't selling. Its not a bad house, though the homeowner to the south is a bastard. :-)

She finally got an offer from a Condo builder as part of trade for a new Condo and customizations, plus of course additional money from her. The new condos are ~$150K, she said she took on $60K of debt above what the house had left. She originally bought the house for $92K.