On the good side, while the pace of year over year declines is still negative the rate of year over year decline continues to improve.
However, on a month to month basis we're seeing price appreciation stall, as evidenced by
the fact a majority of cities have seen a decline over the last two months.
So -- what does this mean? Starting in November there was confusion in the market about the new home buyer tax credit program. As it was set to expire, we saw a big drop in existing home sales on a seasonally adjusted basis. Weaker demand = lower prices. We'll have to see how all of this plays out over the next few months.
