I highly doubt that a drop of this magnitude will happen. Currently what's weighing on the market is mortgages, both availability and rates with both actually

I highly doubt that a drop of this magnitude will happen. Currently what's weighing on the market is mortgages, both availability and rates with both actually easing a little. But there are still plenty of people who want to buy and who have the income to pay current-ish prices and if prices drop a little bit they will gladly snatch what they can. We've seen that in 2008-2010. Crappy areas get hit, desirable areas not so much.