&lt;Real Estate is very momentum driven and pretty slow. Markets don&#x27;t crash in a day, like stocks. The fastest price changes in 2008 were around 3% per month for non-distressed homes in Phoenix&gt;<p>A home in a <i>non-distressed</i> market losing nearly a third of its value in a year is &quot;pretty slow&quot;?  That&#x27;s a scary use of the term in itself.