Quote of the day: Case on the "sticky market"

“If you’re looking in a good area, there’s no free lunch. People will not sell out. If you want bargains, look in the low income areas. It’s not freefall in Seattle. It’s not freefall in Chicago. There are areas in every one of those cities where there are auction sales and prices are falling sharply. But by and large, the ‘sticky market’ is dominating most of the other areas of the country.”

Karl Case of the S&P / Case-Shiller Home Price Index, explaining to NPR’s Morning Edition why houses still aren’t as cheap as some buyers expect. Sellers, he says, are still optimistic that prices will go back up, hence a lot of “sticky” prices.

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