"Sticky" land prices
"Land prices are another story," says Kenneth Wenhold, director of the Mid-Atlantic region for Metrostudy, a housing-industry market research firm. "They're very easy to go up. It's very hard for them to go down."
In economist-speak, they're "sticky." (So, economists say, are home prices, though not as sticky as many assumed three years ago.)
"We really haven't seen significant declines" in sale prices, Wenhold said. "There are a lot of people who are shopping properties, and the prices might be discounted slightly, but not to the extent that the market will bear."
He has an interesting point to make about Maryland's situation.