The credit crunch is really only a few weeks old. I read its effects in the number of pending sales that fall out of escrow for lack of buyer qualification.
Financing costs are but one element of this puzzle, and most of the opther pieces are contributing their fair share. Filtering out the effects of these other covariants is practically impossible. Suffice it to say the pricing trends aren’t just reacting to one or two elements, and the effects of all of them are cumulative.
