The below video explains why banks are not wiling to make a deal on foreclosed property. And also why "the less we sell it for the better" is depressing housing prices. Now this may be a good thing to get property moving again. But it means that the true market value is unknown. The good stuff begins about a minute forty into the video.
The video with commentary is also available here.
H/T Jccarlton at Talk Polywell
Cross Posted at Classical Values