I tend to agree with some of realtors on the board that argue real prices on like for like homes are in reality down 20% already.

I suspect next year, those like for likes will be down 3-5% and then following year the same. The slow down in price drop will come from what we’re already seeing, which is homes being pulled off the market. I don’t see bank’s getting aggressive

Too many are already finding they can’t sell their home and will need to fight it out and get creative refinancing to delay so they don’t “give their home away” to some low-ball buyer.

Using standard median, I suspect we’ll see a steepening of the loss as the median has been buffered by the last of the move up buyers.