"In truth, no one knows how bad the housing market will get. It has been in a multi-decade Federal Reserve inspired boom. Now that the Fed is raising interest rates, the key question will be how much damage have the rate hikes to date already done to the real estate market. Remember, it may take months before all the problems show up. And once they do, we don't believe the Fed will reverse and lower rates until a major obvious crisis hits the economy and/or financial markets. By that time, the real estate market could be on life support."
California is beginning to plummet. Kennedy-Wilson Real Estate Auctioneers in Santa Monica, Ca. is gearing up for a good run.
Although there was a downward trend for a period in California, Zillow.com is now showing an upward tick in the housing there, at least in those that I have been monitoring.