This decline seems to have continued through the summer months, and is now broadening to more metro areas.  The S&P Case Shiller Index covers 20 metro areas, and 15 were down Year on Year.  Even for those that were up, they are showing signs of reduced appreciation. 

And we are now entering the fall / winter season.  If sales were already poor, and prices were already going down, how will we be doing in...December / January?  Those flippers may be looking at a very cold winter this year.