If it goes down another 5%, in my view that will be a solid 10-15% (maybe even more) drop from the 2004-2005 peak. Factor in 2-3 years of 3% inflation, and that it a real decline of 15-20% from the top. Yeah, it could just be the tip of the iceberg, but it ain’t bad from average buyers’ points of view and it could result in some activity.
