The median price of a previously owned single-family house fell an annual 6.3percent, or $37,500, to $557,500, said the Southland Regional Association of Realtors. It's the lowest median in 32 months, or the start of the 2005 second quarter.
Old news for us but I just have to pull this quote:
"You have people frightened to death that there will be more price declines."
Fear, you can smell it. This fits with one of my predictions for 2008. There is a chance for herd mentality to take over and we could see a "gap down" in housing wishing prices.