<p>Obviously, the unexpected and foolish knee-jerk reaction by the banks pulling perfectly good loan tools imploded the market.</p>
	<p></p>
	<p>BTW, I think Gary is right.  SFRs lost 10% in the last three months.  In September, Huntington Beach's median price fell 25%.  At that rate of decline, by summer 2008, homes will be 50% off peak and ready for a summer rebound.</p>