The housing bubble in the US is slowly deflating leading to some interesting outcomes. Theoretically we shouldn't end up going this route (at least not now), as ZA property is still undervalued on an international scale (according to the experts) but a drop in the US ocean.....

Sellers are also being told to cut prices aggressively if their house isn't moving -- or risk chasing the market downward. If a home doesn't get any showings in 21 days or gets 10 showings but no offers, Ned Redpath, president and owner of Coldwell Banker Redpath & Co. in Hanover, N.H., often advises the seller to slice the asking price by 10%. "We don't like to see $2,000 or $5,000 price adjustments," he says. "We want to see a real whack" that attracts attention.
Full story on MoneyWeb (from Wall Street Journal)