<p>Obviously, the unexpected and foolish knee-jerk reaction by the banks pulling perfectly good loan tools imploded the market.</p>
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<p>BTW, I think Gary is right. SFRs lost 10% in the last three months. In September, Huntington Beach's median price fell 25%. At that rate of decline, by summer 2008, homes will be 50% off peak and ready for a summer rebound.</p>