Sales volume: -10% YOY.
Price: -7% YOY(As measured by median).

Drying up liquidity will slow the price drop. The reason is people won’t be able to move up or out. They’ll get squeezed into staving off foreclosure. Also median has little reflection on the actual price drops on like for like or same model home.

I believe face value will hold strong to one digit losses, however the real price may be completely different as sellers rebate closing costs and other items.

Also, since I don’t know how REO sales show on median, I think they’ll be negliable until Jan-08. The REO will watch their property list bloom until that time.

Then again, maybe we’ll hit free fall. A lot depends REO, but I’ll start another thread for that.