Definitely agree on the pendings falling below the seasonal effect. Regarding prices: Maybe small chunks but not big ones. All along I’ve expected about 5 to 10% depreciation with most of the fall coming in Fall. I still feel the same way. People on both sides of the equation are too impatient and want to see instant gratification. The ship is just too darn big to move that fast.
Additionally, at 5 to 10% off Spring 2007 prices I believe that Spring 2008 sales would be pretty good in my neck of the woods.
