Trading in housing prices reflects pressure, not panic - OC Register Interview

From blogger Jonathan Lansner :

Trading volume the last three months did turn sluggish in response to the S&P/Case-Shiller index more or less flat-lining for the 10 listed cities. The release of the August index (last) week showed some steep decline in the U.S. coastal cities. This should start a renewed round of higher trading volumes.
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This scenario is telling the market that right now L.A./O.C. is not in meltdown like the East Coast, but under price pressure.