It took a while. But now, with Wall Street's help, it's finally happening:
Post: Toll Brothers, the largest US luxury homebuilder, said fourth-quarter revenue plunged 41 percent as the housing and credit crisis pummeled its business.
The builder is also seeing housing demand in New York City, which had been a "beacon," slumping in the past six weeks, CEO Robert Toll said.
"It has now joined the ranks of the rest of the country," Toll said.
The "rest of the country" is now down 21% from the peak, with Vegas leading the way (down 39%). The country is on track to bottom down about 40%. New York was a bit more bubbly than average, but less so than Vegas. So it will be interesting to see how far New York falls.
See Also: Robert Shiller: New York Real Estate Market to Crash, Too
