Recently, I have seen prices on certain properties being reduced. I would not call this a crash, recession, collapse or other scary words. I just think certain sellers that have just made up prices (and the agents who took these listings) have realized that the buyers will not just buy property with a blind eye anymore.<br /><br />Buyers are getting more sepective as the number of buyers have dropped. This is a process that brings prices back to a reality. It will also do something else that might be more invasive to the real estate world.<br /><br />If the monthly payment for a mortgage gets more realistic for average property, then rental prices will drop. This is a blessing for those that rent and hinderance for the landlords.<br /><br />The balancing out out of the Philadelphia real estate ying/yang should take about 6-9 months from now to settle in.