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The Real Story tried out a new term on Carolyn Said, real estate and financial reporter for the San Francisco Chronicle. We call it “the working surprised”—those people with good jobs who find themselves still working 40-50 hours a week at the exact same position as they did before the recession—but trying to make do with a 20 to 40 percent pay cut. These people aren’t counted in the unemployment figures, naturally—yet their means of contributing to their household and their mortgage have been reduced drastically.

Also in today’s discussion, Carolyn talks about the disappearance of “organic sellers”—people who have a home to sell because of changes in household formation, the beginning of retirement, and the like. If they don’t have to sell their homes, they are holding on to it and putting life events on hold so they don’t have to take such a loss. Of course, the end result is another kind of shadow inventory, this one comprised of resales that are being held off the market in the hopes of better days, better prices. The markets that have held onto their home prices the best? The close-in coastal areas, such as San Francisco, Marin and San Mateo. The worst? With declines up to 60 percent, that would be Solano County.