Calculated Risk: Housing: Difference a Year Makes, has a great chart of year-to-year changes in the housing market. Keep in mind that the real news of a downturn in housing is only recently hitting the press in a way that will penetrate to average people. These numbers are what is causing that news – and NOT from people reacting to that news. Things will really start happening when people start reacting, and start understanding that their house will be worth less next year, and start thinking about taking a profit – or just getting out – now.
Recent data quantify housing cooldown (year-over-year changes).
Builders’ sentiment down 52.2%
New-home sales down 21.6%
Purchase-mortgage applications down 20.9%
Building permits down 20.8%
Go see the whole chart.