revised to 26.9% off.
Top tier ("fortress"): 11.8% off the peak, May '04
Middle tier ("boundary"): 29.8% off the peak, September '03
Bottom tier ("subprime land"): 35.3% off the peak, July '03
There are some indications of slowing aka "spring bounce", some of it is seasonal, some of it is the consequence of low interest rates of second half of January.
