I don’t agree that this has no value.It is a partial onfirmation of what everybody knows,the higher end is coming down. The areas that have been slaugtered do have the buyers,not all of them of course but after they have been down a while they do.Also,there is a strong correlation between price range and strength of active pending ratio.It gets significantly worse directly as it goes up. While the value issue is true, The market could just as easily be telling us home in La Jolla are being underpriced. Higher end is coming down…everybody knows that already.

Prices will be compressing down from the top for a while.