Latest Victim of the Housing Market: McMansions

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"There's so many homes now, and everybody is low-balling every offer, because they know that the consumer has the actual power," Prattella said. "Anybody who wants to actually sell their house, they're dropping the prices drastically."

Constantino says her clients have to make some hard choices. "They have to sell at today's market, at a price that they are not willing to sell it for. Or they have to ride the storm," she said.

The storm, Constantino says, could last two or three more years -- after which, just possibly, a home may not be so much an investment as a place to live.

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