As I mentioned in my market report earlier this week, fewer and fewer buyers have been present in the market over the past six years (demand fell) but prices have not fallen in the way that that shift in demand would suggest. I'm watching hburgnews to try to learn some answers as well, but here's what I have so far.

1. "We did not have that much of a bubble here, which is why they [home prices] do not need to drop all that much."  (Barkley Rosser)
    
   
2. Buyers in this area stuck to traditional financing and didn't over extend themselves.  (Richard Baugh)
    
   
3. The local job market has been relatively stable, and some folks are still moving into the area.  (Richard Baugh)
    
   
4. Prices are still low in this area relative to larger urban areas where many people relocation from.  (Richard Baugh)
    
   
5. Most sellers aren't distressed such that they have to unload their house in a hurry.  (Richard Baugh)

What can you add to the list?