Several readers suggested a topic on what the second and third quarter will bring. "In looking at some of the Florida numbers, I expect 2nd quarter we will start seeing some negative yoy numbers in some cities. I expect Sarasota/Bradenton to be down 5-10% yoy (even if April median stays where it is)."

"For a topic, how about discussing how the Realtors are going to deal with these negative yoy numbers. How will they be able to spin this? They have been able to tout positive yoy numbers even though the market shifted quickly."

"I just got an email from a desperate Realtor telling me how the area is still up 10% from last year. What she failed to mentioned was that the median is down 15% from January ‘06!! My guess is there will be some new calculation where the result is multiplied by a (-1)."

One reader thinks it will take longer. "If things continue to unfold the way they have been, the 3rd quarter of 2006 is when (assuming they play it straight) the NAR will be reporting significant quarterly declines in existing home prices in metro areas throughout the U.S."

"Assuming the typical data lag release, that information will hit the press, in mid-to-late November. Just before the Christmas shopping season. Time for the woman’s magazines to break out those 'joy of a simple holiday' articles again."

One reader replied, "Tend to think we won’t get anywhere near that til Xmas ‘07, ‘08 though, no matter WHAT happens to RE this summer/fall. Gotta leave a little room for the 'We’re in a dazed/shocked phase' to pass. Americans have goten so far away from even realizing family/friends/community are there, it’ll take them a while to start noticing other people again."

Another sees a quicker reaction. "I don’t think we’ll have to wait until Nov for Joe Sixpack to have gotten the memo about the economy/housing. We’re seeing articles on housing daily. We see all markets declining daily, interest rates rising steadily, ARMs resetting."

"So the economy is rapidy declining right before mid-term elections. All I gotta say is Jul, Nov ‘06 is going to probably be a doozy!"

To which another replied, "The info is printed but is it being absorbed? I still see too many people around me planning big purchases and denying the stock market and housing slowdown is anything but the usual cyclical blip."

And one reader had this reminder, "May New Home Sales: Monday June 26, 10 AM EST. May Existing Home Sales: Tuesday June 27, 10 AM EST."