The most painful cities in the 2026 property market are second-tier cities: first-tier cities still have liquidity, as long as you're willing to cut off an arm or a leg, you can still trade price for volume. Third- and fourth-tier cities have basically given up, like a broken pot thrown on the ground, and no one wants to pick up the shattered pieces. Meanwhile, second-tier provincial capitals are in a state of limbo: if prices don't drop, no one buys; if prices drop, people are afraid to buy. Many are losing their last chance to survive by severing a limb.