My post was meant to be mock the doomsayers. (Don't mean to be rude)
That is not what I think of when I think of a $2 MILLION house.
It was worth less a year ago.
Only the rate of increase has slowed. And time on the market to get a buyer has increased.
Obviously a 20 percent a year gain can't go on forever.
Prices will decline as people who must sell for work or to take their licks from the speculation game get hit, but so far we are not seeing a crash.
I still isn't a buyer's market for contractors. I can't get people to return my phoine calls for a $100k back yard job.
This house sold for more than the asking price...
When will the market really cool off? It has to eventually.