Yes, for the following reasons:
1. There are less qualified buyers today than 5 years ago.
2. Appraisers are now working for the banks (HVCC), their appraised values on properties are very conservative and low, thus, lowering values through out the state.
3. Potential buyers are waiting for prices to decline further before considering to buy.
4. The increasing cost to buyers; larger down payments, higher mortgage insurance, added fees by banks due to less than excellent credit scores.