patrick.net

Bubbabear says

California. “Mike Shapiro has an uneasy feeling, one thats refreshingly surprising for a real estate brokerage owner coming off a record month. Shapiro is chairman of Hom Sothebys International Realty, a Newport Beach-based operation with a network of upscale-oriented brokerages stretching from Los Angeles Westside through Orange Countys beach towns and out to Palm Springs desert enclaves. In June, Hom agents sold a company-best $325 million in property. Shapiro is stunned that it looks like Julys projected closings will be roughly half that sum. One month doesnt make a trend, he notes. But the sharp drop, paralleling other hints at...

Hey, I've used them on purchases in the past. I still get their e-mails, calendars etc.
There is no doubt we are facing a slowdown in real estate. If it continues till December, it will be a good time to buy.

The past few years were a mini-bulge where sellers got "last licks" at bat.

Now it will be a price and supply avalanche.

You need atleast few quarters of data to make a conclusion on housing.

From the article:

"...Millennials are different from previous generations, in direct response to this disastrous recession. Not committing early to family formations, trouble finding good paying jobs, and, after witnessing what happened to their parents since December 2007, they’re skeptical of real estate. They are staying flexible, free and cautious.’”

Last sentence is the money shot... Riddled with debt, renting to be nimble enough to chase work

“‘The market will correct itself, and that’s what we’ve been going through,’ said Mark Hilgenberg, a Keller Williams agent based in Rancho Mirage. ‘You will see prices rise, but not at the rate that they did.’”

"Market correction = prices rise"

-sound investment advice from Keller Williams