Watch this video - particularly relevant for Bay area given a recent incident

Brand new ghosttowns - fallout of the downturn in house prices

Once the buyers bid on the houses - 10% over the listing price - in a not so distant past - do you remember the time? Well, they are bidding again - starting at half off list price!

Be worried, be very worried - this one's a hundred miles away from Bay Area - but I won't be surprised if this starts hitting closer to home in the coming months. Specially since any economic recovery isn't likely to happen till a new administration takes charge in 2009 - and then it won't happen overnight.

Click here for the story from Mercury News.