The housing bubble has burst, the sky is falling, the sky is falling.(sarcasm)
OK housing sales have dropped 28% in northern Ca. If you want to sell a house in todays market you have to lower the price. This year prices of housing went up 5% instead of 15%, big bubble burst. Keep looking for cheap prices on forclosed houses, while you are waiting for hell to freeze over.
Famous last words "I was waiting for the prices to come down" your probably waiting for the price of gas to go back to $1.00.
It's a buyers market, but if people can't get what they want for a house, they wont sell.
By the way buyers set the housing prices, and from what I can tell they are starting to get tired of waiting. This BUBBLE BURST wont last long.