We're seeing reduced price appreciation in the Pacific Northwest, and Alaska although population growth and job growth there remain strong.
The median home price in Boston fell 4.5% over the last three months. In Washington D.C. prices were flat over the last 30 days, but down 5.4% over the last 90 days. Realtors outside Manhattan in New York City report a shift to a buyer's market.
Our research has always shown a correlation between foreclosures and a flattening home price appreciation curve.
Other Florida cities are showing similar price profiles, with the biggest inventory buildup on the state's West Coast. That buildup will lead to increased time on market and put more downward pressure on prices.
We're beginning to see price declines in most eastern markets in the fourth quarter of 2005.
A great many risky loans were issued in California as home prices reached the stratosphere. Interest only and option ARMs were used by many buyers to qualify for homes they could not otherwise afford. That means trouble in the near and intermediate future.
In Washington D.C., prices were flat over the last 30 days, but down 5.4 percent over the last 90 days.