Real estate owners everywhere obviously hold out as long as possible before reducing their sale price – attempting to eek out every penny of equity they can from their soon to be relinquished residence.

These visualizations Trulia put together for us show the downward spiral many of those real estate owners must go through, and unfortunately, it’s not always a pretty ride.

Just like many over on Charleston’s tip, it’s quite common for East Cooper real estate owners – whether in Mount Pleasant, Sullivan’s Island, IOP, or Daniel Island – to wait as much as 4 months before reducing their initial sale price.

When owners finally give in and do reduce their sale price, this 2nd visualization shows that most only give in about 10%, and if they’re lucky, their sale is consummated then.

For the unlucky ones still holding on to the real estate they’re now (usually desperately) trying to get rid of, there’s a 50% chance that they’ll wind up reducing their sale price again.

So there you have it, probably pretty common throughout the world, but it is telling to see how long people hold out here in East Cooper before finally caving in to sell their real estate. After all, whether a home, business, or vacant property, it makes sense to get as much as you can for your equity – the question is: when do you cave in and reduce your selling price?

“This plan will not save every home, but it will give millions of families resigned to financial ruin a chance to rebuild. It will prevent the worst consequences of this crisis from wreaking even greater havoc on the economy. And by bringing down the foreclosure rate, it will help to shore up housing prices for everyone.” – Pres. Obama.

As bad as we did here, at least Charleston County didn’t do as bad as Greenville County did Upstate for two months in a row – small consolation for all the homeowners in trouble right now, but with President Obama’s foreclosure plan coming online to help many homeowners, many banks have started to cease foreclosures until a concrete plan can be put into action across the country.