Check out this story from the San Diego Union-Tribune saying that the median price of new homes in the area dropped from $495,500 in April to $424,000 in May. Mathematically speaking, if prices kept falling at that monthly percentage rate (which they won’t) they would be down to $12,000 in two years.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.