I beleive in data just not RE data self report by realtors and containing numerous flaws and complexities. I think Rich does a very nice and thorough job of analyzing flawed data. I think what I see very day in action is a far more accurate and up-to-date picture of what’s happening. For eaxample, I saw numerous 50K+ price reductions in prime neighborhoods this week. While the old prices were too high, the new prices are below comps and peak prices. Sellers are starting to get that the peak selling season is almost over along with their best chance at getting the best price they will see for a while. I have a handful of very grateful clients that sold for great prices in the current market as well as a few stubborn ones that wont listen. I also have many clients comfortably sitting on the sidelines and waiting until late Fall (perhaps later).

As I’ve said many times before, I’m here to learn what is in the heads of the lay public particularly those that are at the forefront of following the housing market like most of the participants here. I have learned alot and appreciate the participation of all of you including those that disagree with me (perhaps even more so!)