Despite Philadelphia Magazine, the Inquirer and Daily News touting how great the real estate market is in the Philly area to make their advertisers and owners happy, I think this article on Allen Iverson trying to sell his Villanova home says a lot.

According to the Wall Street Journal's Private Properties column, Iverson has dropped the price to a "desperation deal" of $3.999 million — a million less than he paid for it in 2003. (/crunches numbers on calculator watch.) Yep. That's not good business.

During they Great Depression real estate values fell 26% nationwide. I don't think it is a stretch, even with the Freddie Mac and Fannie Mae bailouts, that if things don't fall into place perfectly for the economy over the next 6-12 months that the the U.S could see an overall 25-30% drop in real estate value since the boom busted.