“… as stricter lending terms reduced the number of buyers,” “…reduced availability of jumbo mortgages…”
This tells me people still refuse to accept how far prices have to drop, or that prices were actually inflated. This sounds like NAR-speak refusing to acknowledge we are in the middle of a severe correction as if prices are being artificially depressed. They just increased the Jumbo conforming limit!
Granted the high end is more resilient, (although far less as the job market continues to deteriorate) and it also didn’t climb as high, but that doesn’t mean prices aren’t inflated and won’t continue to fall.
