I'm not sure that a 3% decrease in home prices constitutes a crash.
The article states:
College Station, about an hour and a half north of Houston and nearly three hours south of Dallas, is best known as the home of Texas A&M University and more than 68,000 students. But these Aggie football fans got a little carried away on their latest housing boom, putting up too many new residences. As a result there are more homes for sale than buyers to scoop them up. Hence, the discounts.
"To be blunt, the housing market is crashing right now," says Jeff Leatherwood, a broker at Aggieland Properties. "Properties built for the purposes of student housing are just overbuilt. We are a huge college town, and most of our market is rental properties."
This overabundance of housing, particularly homes aimed at students, could get worse before it gets better, local professionals fear. The verdict will become clear once the school year starts up again.
"There is an air of doom and gloom," Leatherwood says. "When the school year starts again in September, homes [that didn't get student renters] will flood the market."