| > If you perceive that the value of something that you have is more than you're being offered, that's the market saying "keep it". Or, with no supply, and no demand, it could be argued there is no market--no people showing up saying anything at all. This table is missing a line: http://en.wikipedia.org/wiki/Market_form "The main criteria by which one can distinguish between different market structures are: the number and size of producers and consumers in the market, the type of goods and services being traded, and the degree to which information can flow freely." Here we see few to no sellers, few to no buyers, and no information flow. By http://www.answers.com/topic/market definitions 4d or 5, there is no market. By definitions 4a - 4c, the market is halted, illiquid, or frozen. I'd also argue against the idea: > that data tells us that sellers in those places want too much money today It may tell us buyers don't have enough money, which seems a different thing entirely. Externalities innate to producing a type of home may put such a home out of reach of the set of individuals presently seeking to purchase a home. Building a home absorbs labor, materials, land, and other inputs; those must be paid for in their appropriate markets (not a question of 'perception'), and a rational builder/seller will not build/sell for less than those costs unless forced. |