We're seeing a major league slowdown out in state #50. Sales are down 50%. Prices are being marked down from obscene to merely ridiculous. People were asking $750K for old POS that would have sold for more like $300K in 2000. Now that a 30 yr fixed is up to 6.5-7% range, the bloom is coming off the rose. Realtors aren't whining yet, but looking a little concerned. Wouldn't take much to send us into a 20% retracement -- tourism recession, another 1% on mortgages etc.
There are signs everywhere. It's unreal. So far real estate for sales are outnumbering political signs about 10:1. That will change as we are down to 70 days to the primary (which is the real election in many races).
Housing "crashes" are rarely much more than 10-20% in the frothy California/New York type markets.
Bought in 87 for $290K, identical sold for $415 in 89, By 95 prob back to $320ish. Luckily we didn't need to sell until 99 for roughly $490K. Sold again last year for mid $900s.
Yes CA is ugly volatile, but mostly to the upside. That 90-93 puke out was the worst I've ever seen in this country. UK in early 90's (London area) was equally ugly if not worse. It's just pretty unusual for the haircut to be more than 20% in my experience.
Condos are worse than single family houses to the downside as you are now well aware.
