“Balanced market conditions in most local housing markets will result in a slowing in house price growth”
The real estate market is down 12% on the average price - July over July ... but down a whopping 20% in price over May 2011!!!
July 2012 - $669,000 to July 2011 - $762,000: down 12%
July 2012 - $669,000 to May 2011 - $834,000: down 20% !!
Volume is down too. Listings are higher.
So if a 20% decline in prices is a 'softening', what will they call a decline of 50%?
One thing we know for sure... they won't call it a 'crash'.
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