One of the most interesting parts of it is what it says about the widely-watched Case-Shiller index:
The Case-Shiller index weights transactions by value. For example, it gives eight times as much weight to the sale of an $800,000 home as it does to a $100,000 home, meaning it is particularly sensitive to what is happening with high-priced homes in the largest, most expensive markets.
I blame myself for not having realized it. It explains why my recent prediction that Las Vegas Case-Shiller numbers would stabilize in July was off. Las Vegas has hit, I believe, price stability on housing below $300k, but transactions on houses higher than that are having a destabilizing effect. In my opinion, there are very few houses worth more than $500k.