mika, my claim is that Q1 2010 is the tipping point, but I don't...

mika, my claim is that Q1 2010 is the tipping point, but I don't expect prices will crash in the first 3 months of this downturn. With many FHBs priced out of the market due to the removal of the boost we may see lower priced property sales dry up and this may even have the short term effect of driving up the median values. Though as TinManNeedsOil has pointed out there are already signs of the market slowing and signs from RPData that listings are on the increase:
http://blog.rpdata.com/?p=185

Just a matter of time before sellers start having to drop their expectations to enable buyers...