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Stats, Spin

From the California Association of Realtors:

Affordability concerns continued to impact the residential real estate market in California, with the share of first-time buyers declining to their second lowest level from 30.5 percent in 2005 to 27.1 percent in 2006, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Based largely on C.A.R.’s 26th Annual Housing Market Survey, “The State of the California Housing Market” examined trends in buyer and seller behavior during 2006, a transition year in which statewide sales of existing single-family homes decreased 23 percent, while price appreciation slowed dramatically as the year progressed.They call it "affordability concerns", we call it waiting for prices to decline. What they call "market friction" we call "buyer-seller staredown." Worth reading for the stats, not the spin. Actually the spin is subtle in that "Healthy Forests" sort of way. From the same peeps who present ways to circumvent do-not-call statutes (sadly, link is password protected.)