> The apartments are priced at $1M on paper, but there are no buyers. This happened in Italy during the first couple of years of the big crisis, around 2008. P

> The apartments are priced at $1M on paper, but there are no buyers. This happened in Italy during the first couple of years of the big crisis, around 2008. People here were so attached to the idea that house prices can't go down in Italy, that sellers just waited longer and longer to sell at their expected price... then, all of a sudden, we had something like a 30% correction when people, banks etc. couldn't wait any more.