Double Dip in Home Prices Coming

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bluemove

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A recent analysis by CNNMoney.com shows that a double dip in housing prices is coming.  Existing home sales sank 27.2% in July, twice as much as analysts expected. This is the lowest level since 1995.  The cnnmoney link is on my blog at www.bluemove.blogspot.com.
 
bluemove said:
A recent analysis by CNNMoney.com shows that a double dip in housing prices is coming.  Existing home sales sank 27.2% in July, twice as much as analysts expected. This is the lowest level since 1995.  The cnnmoney link is on my blog at www.bluemove.blogspot.com.
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This news sounds promising. Sales just fell off a cliff. How do you suppose this will affect the local Irvine RE market? More of the same WTF pricing or will we finally see some more pricing reality out there.
 
A lot of OC sales happen in the summer when kids are out of school.  This market trend may make for downward pricing pressure through the end of the year.  I must say though, I do not follow Irvine very closely.
 
bluemove said:
A lot of OC sales happen in the summer when kids are out of school.  This market trend may make for downward pricing pressure through the end of the year.  I must say though, I do not follow Irvine very closely.
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Irvine sales have decreased for the first time YOY in July and August is on pace to have about a 10-15% decline in sales from July plus add in the increasing inventory levels and we went from a seller's market to a neutral market (for now). 
 
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