these guys don't mince words

No data, no statistics, just a tell it like it is Sunday read on the state of the market (in the DC area) by two industry veterans

How does this market compare with others you've seen?
Foster: I've never seen anything like it.

Foster: But this damn thing we're in here now is another one that's giving us hell. I mean, pure hell. We're sweating.

McEnearney: And it has extended for a longer period of time. We've been in this for two years now. I started noticing a decline in the "energy" in the market, if you will, in the fourth quarter of 2005.

McEnearney: If they don't price it right, it's gonna kill 'em.

Foster: You've got to price it right.

McEnearney: I think sellers are getting more accepting about the prices they can get now, but not enough, because homes are still remaining on the market.

Foster: If they've got a real need to sell, they do [accept the lower price]. They have to have a real need to sell, otherwise they don't.

Foster: My pick is the third or fourth quarter, we'll see a little bit of pickup. Next year will be fair. Certainly by 2010 there's gonna be so much damn pent-up demand.

From an interview in the Washington Post with John McEnearney, 81, founder of McEnearney Associates, and P. Wesley Foster Jr., 74, founder of Long & Foster Real Estate
Brokerage Barons See Washington Making a Slow Recovery

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