Sales of existing homes dropped for a fifth straight month in July, falling to the slowest pace in nearly five years, while home prices fell for a record 12th consecutive month.
Listen, people, this is only just starting. Where I live in California it hasn’t even started – owners don’t understand yet that the “price” of their house isn’t what they think. And MOST of the adjustable loan payments haven’t even started ratcheting up yet.
Oh no, this is barely just starting. Prices have to fall a tirid to a half of where they are to get back to normal, and to where regular people can afford to buy a regular house again.