Kelvin Davidson: Property Economist on figures showing housing market continues to decline

Latest figures show the housing market continues to decline, with decade-low sales numbers and dropping house values. CoreLogic's latest Market and Economic Update shows the total value of residential real estate has fallen from a peak of $1.73 trillion early this year to $1.62 trillion at the end of September. Property values fell 6.3 percent over six months, with the average home price now under the million dollar mark. Chief Property Economist Kelvin Davidson says it shows the striking weakness of the housing market. He says it's a real downturn and something that hasn't been seen in at least a decade since the Global Financial Crisis. LISTEN ABOVESee omnystudio.com/listener for privacy information.