I guess it finally has become a buyers market. Don't think prices will actually fall too much but any drop in pricing is Very rare and a big warning sign. Wish I was one of the lucky ones who bought at the bottom and rode this bitch to the top. In my area houses are not dropping in price but they sure seem to take a very long time to sell. Just 5 yrs ago there were bidding wars over homes by me, not unual for 20k over asking price
"NEW YORK - Stock prices turned lower Monday as the price of homes showed its first year-to-year median decline in more than a decade. In the first hour of trading, the Dow Jones industrial average fell 7.93, or 0.07 percent, to 11,500.17.
Broader stock indicators also drooped. The Standard & Poor's 500 index fell 1.44, or 0.11 percent, to 1,313.34, and the Nasdaq composite index fell 5.23, or 0.24 percent, to 2,213.70. Stocks had fallen Thursday and Friday on growing pessimism about the economy.
Wall Street has been eyeing the housing market nervously, worried that a decline in home prices could lead to a broad economic slowdown as consumer spending drops and workers in housing related fields lose their jobs. Stocks sold off after the National Association of Realtors reported that the median home price for the month was $225,000, compared with a revised $230,000 in July, marking the fist year-to-year median price decline since 1995. The drop was the second-biggest in the survey's 38-year history. "