150 steps ahead....12 steps back

From the National Association of Realtors

"Okay, so the median price of an existing home is expected to fall 1 percent this year -- hardly a "correction" when prices have risen more than 50 percent over the last five years. Even the relatively large price decline of 12 percent in Sarasota, Fla., this year isn't much of a "correction" when you consider that it comes on the heels of a 150 percent price increase during the boom. Let's see, that is 150 steps forward and 12 steps backwards...."

Lawrence Yun, NAR Senior Economist