real estate volumes collapse...

Check out this graph from RP Data's latest update, courtesty of MacroBusiness: MacroBusiness Link

The sales volume for January looks to be around half the past two years.

Crashing volumes preceded the collapse of prices in China and United States... I'm not expecting a crash, my position for the last couple of years (since late 2009) is that our correction will be a slow melt with 15-20% off prices over a few years and then a few more stagnant while wages catchup, but I will be watching this situation in volumes carefully as there is the potential for the high level of stock, dismal borrowing levels and very poor volumes to drive this correction into a sharper tumble...