Here Comes the Housing Crash

"New house sales plummet 9.2% in January nationwide, while median prices fall 13%."

"Speculators now account for 25% of all purchases, and an additional 13% are vacation houses, making market very likely to go into free-fall when they all sell. This winter's sales volume in Santa Clara County is only 44% of what it was last summer, the worst ratio in at least 10 years. Prices are already down every month for Nov, Dec, Jan, and Feb."