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Obviously, some people are still hanging on hopes that the prices won't keep slipping. Not true; It's a buyers market and will be for at least another 2 years.
I say wait and watch the market. Most new homebuilders have been getting killed on the stock market and they will have to dump their properties (KHov is currently offering buy one get one free in my area). This glut of new homes in the market will only make it harder for homeowners to sell their homes. This coupled with the reality that most people can't afford the prices that some home sellers are demanding without an ARM or some kind of assistance means that prices will have to decrease.
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