For years, real-estate brokers and home builders promised that the soaring property market eventually would glide to a soft landing …

It isn’t working out that way …

Joan Guth is one homeowner who was taken by surprise …

Last September, she put her stately five-bedroom home in Herndon, Va., on the market for about $1.1 million

Her home in the Washington suburbs attracted few serious lookers, and in March, she cut her asking price to $899,900. Still there were no takers …

Ms. Guth … eventually turned to Tranzon Fox, an auction firm … she and her family decided they would accept any bid higher than at least $675,000.

The high bidder came in at $475,000 …

The Guth family finally negotiated a higher price, with the bidder, and the home finally sold … for $530,000.

Should we all find this funny, or sad?

Complete story: Housing Slump Proves Painful For Some Owners and Builders – By James R. Hagerty and Michael Corkery, The Wall Street Journal Online

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Updated: January 2018

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