Mark,

 From reading many blogs and my own market it has slowed down a tad in many areas! A good time to start looking and be ready to pull the trigger!

Thx for the update Mark.  Anecdotally, I've been seeing some similar trends.  It also seems that this year units are down. It seems like part of that is that there aren't as many "trade up buyers" and part of this may be due to many that bought in 5-7 years ago w/ prices that were higher and/or homes haven't appreciated enough to allow them to sell.

Mark, I would have to agree with every item in your post except number 2. Perhaps that is the case in some parts of the country, but I do not think that homes in Arizona have increased in value to a point where they are 12% higher than they should be.