Welcome to the “Soft Landing”

NY Times (September 25, 2006):

The median price of a previously owned home fell for the first time in 11 years last month, and inventories of unsold homes swelled to levels not seen in more than a decade.

Jason Calacanis (September 24, 2006):

Real estate is a horribly inefficient market and many of the brokers seem to be playing games. Folks are relisting homes all over the place to “reset” the days listed number, and people are not updating their MLS listing with the market down prices. We’ve been to homes months ago that were shown at 10-25% less than their MLS pages *still* say they are.

Barry Ritholtz (September 15, 2006):

$2.7 trillion in loans will adjust to higher rates in 2006 and 2007. According to Reality Trac, August foreclosures were up 23% over July and 53% over a year ago. Nationally, home prices have not declined on a year-to-year basis since 1933. Recently, however, prices have been dropping in the North East, West and Mid-West.