Housing Slump of the Stars

The Washington Times reports:

Cher is quietly trying to unload her gothic Pacific Coast Highway mansion in Malibu. Actor Nicolas Cage wants $35 million for his Bel-Air home, complete with screening room and Olympic-size pool.
But even in the land of $2 million "tear downs," housing prices are dropping faster than Jamie Foxx's Lamborghini.
"It's a buyer's market," said real estate agent Ben Young Mason, who works with upper echelon clients. "Houses which sold within 60 to 90 days last year are now sitting on the market for four to six months. Last year, 90 days was considered a long time."
Los Angeles is in the midst of a housing market slowdown, just a year after sellers were enjoying giddy times of bidding wars and multiple offers. Prices in Southern California rose in September at their slowest pace in nearly a decade. Realtors say there are several causes, but none more than greed.

The market has changed.