I just read a news report that the average price of a house in Long Island's tony Hamptons resort area has finally started to fall. While the "average" price really does not reflect the higher end of this mostly high end playground, it did finally move lower.
No, 500K to 490K is no big deal in this price range but what is a big deal is that it fell at all. Perhaps all those layoffs on Wall Street are finally having an affect. Too bad a lot of those jobs are on the lower end of the pay scale (clerical, administrative and assorted staffers) and the Hamptons indicator (I just made that up) does not reflect the real economy made up of "regular" people.