Barron's Covers a Sarasota, FL Premium Home Auction

How bad is that state of the housing market? Barron's aimed to find out by going to one of the most negatively effected areas: coastal Florida. The columnist documents the results of an auction of luxury homes in Sarasota, Florida. While many market statistics talk about 10-15% home declines, the houses in the auction often went for less than half the asking price. It makes you wonder if the 10-15% price declines in certain markets is really credible. I'm reminded of Kelley Blue Book values for used cars. Ever notice how you can never sell your used car for the Kelley Blue Book value that should be applicable to it? Perhaps on some level that same principle applies to selling your home.