Real Estate Median Price Drops 1.7%... First Time in 10 Years

According to multiple reports quoting the NAR existing home sales figures, the median sales price for a home drop 1.7% from the same month last year. This is the first drop in 10 years and the largest since 1993.

This will probably lead to significant increases in real estate short sales where people sell their homes for less than is currently owed on it.

What do you think? Is this just the beginning of a serious down turn or just a temporary blip on the radar?