San Diego Union Tribune--University of San Diego real estate economist Norm Miller estimated that top-end homes may have lost 10 percent to 15 percent in value in 2008 – enough to represent about half the drop-off in sales count as those homes sank below the million-dollar mark.

Miller said costly homes likely will hold more of their value this year than lower-priced homes because fewer owners are subject to default and foreclosure and thus are not forced to sell.

For other high-end owners, there is no urgency to sell, especially when bargain hunters offer far below the asking price.

“I think homeowners in these more stable neighborhoods are basically sitting on the sidelines – that's the smartest thing to do,” Miller said.  (Full Story)