what is that sound?

did i hear a "pop"? it sounds like a bubble bursting.

While the median price rose 0.9 per cent to $230,000 (U.S.), it was a bit of a mirage, because the gain was driven entirely by a 3.2-per-cent increase in the South. In the Northeast, Midwest and West, home prices actually fell. And they're bound to fall even harder in the months ahead, given the record number of unsold homes languishing on the market.

Last month, the inventory of unsold homes leaped 40 per cent from a year earlier to 3.86 million. At current sales rates, it would take more than seven months to clear the backlog. Sooner or later, sellers are going to bite the bullet and start cutting prices, and that's when things could get really ugly.

locally, i saw a 2 bedroom condo in hoboken, completely renovated, stainless steel appliances, on-site laundry, maintenance less than $300 a month - around $250k. my fiancee and i could afford that *now*. is this for real?

POPPITY! POP POP POP! POPPITY POP!