Should a person be selling in this market?

It really depends on your long term goals.

I think prices have to drop 35% from the peak before leveling off for 3 to 5 years because I think this recession will be a long one.

I believe we've been in recession for most of this year and we have at least 2 years to go. I don't expect any increases in RE values before 2013.

This is a perfect time to start buying single family homes.

High priced homes have already corrected 20 to 30% in some cities. Mortgage rates are on the way down again and you should find larger homes more affordable.

If you are ready to buy then simply go to my website http://www.joemalek.com/ to get pre-approved for a "preferred rate" mortgage today.