Looks like over 10% reduction, and we haven’t even got in the 2007 major ARM resets yet!
Assuming the price peaked in Summer 05 for $990K, a 10% reduction would be $891K. We’re even below that.
Now who around here is predicting a 10-20% drop? With a 9month drop of 10%, and a rate of change which is increasing, we could be down 15% just this year alone.
