That action occurs it pieces at different times of the year. There will be more pricing movement during some months and basically no movement in other months.

I highly doubt the rate of decline here will reach a 15% pace for an entire year. A decline of 12% is pretty steep. I think a 10% decline is probably more likely. The last bust averaged less than 10%/year, but then again the last peak was 1/3 the size of this one.

Most of the homeowners in trouble will try to hang on. The prices will be sticky all the way down. I think this bust will take at least 3 or 4 more years before it’s played out.