some media links to share
In a nutshell, it seems people are relatively sanguine about a 2.5% YOY drop in existing, single family median home prices and a 9.7% YOY drop in median new home prices. But should they be? I don't think so. We should sit up, take notice, and worry when the value of our homes falls by the largest margin in more than 35 years.
Yes, sales picked up a bit and yes, inventories slumped a bit. But given the enormous magnitude of the inventory overhang we still have, and the overall economic weakness out there, I think we're going to have to see prices CONTINUE to fall for quite some time to "clear" the market.