Lansner’s post: http://blogs.ocregister.com/lansner/archives/2007/02/oc_homeowners_slow_to_put_for.html
The $1MM+ market continues to suffer but ratios have fallen for everything else.
Dead-cat bounce or recovery?

Dead bounce, I don’t see too many people having the financial wherewhithall to put forth that type of money.  Especially with a VERY good possibility of instant depreciation….
There are people who want a home though and as the market goes down, they are going to probably jump into a place asap, reguardless of if they lose equity or not.  It just depends….
Anybody who read the short term change versus the long term outlook is just fooling themselves.  I forget what wallstreet calls this condition…

-bix

5 is not exactly a hot market. I’ve heard from one realtor that 3 is considered to be a pretty healthy market. This time last year it was a little over 3, and prices didn’t rise much in 2006.

I’m inclined to agree.  What’s notable is the YoY change from 06 (in Lansner’s chart).  The year is beginning with higher inventory and lower sales compared to last year.  Also, I think it’ll take a month or two for the subprime contraction to filter into the RE market data.
Fyi, ABX-HE-BBB- 06-2 recovered by about $2 today.