I would say that we will definitely see price declines in the next data. Some significant. Even new construction is getting hit with some very large price cuts. I just saw a 132,900 reduction on a 1,480,000 house. So I guess it was 1.6 before. New construction.
It looks like they are "trying to price things right". But that just means they are lopping off a hundred grand before it goes on the market.
Last week I saw a 400,000 dollar reduction on something. I can't remember what it is right now. But it was in Fremont.
Everyone is hyper aware of their property values - so I'm guessing this is going to send a pulse though the economy and people will start reducing spending as well. There is a feedback loop that goes on with property declines. And I think we are starting to trigger it.
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