There are several good posts on blogs today about the housing market slowing down.
BOPNews has Housing Slowdown Continues,
Housing is the engine of the current US economy. A conservative reading of the last 4 years of job gains indicates it is responsible for roughly 40% of job creation.
[. . .] In summation,
1.) Sales of existing and new homes are slowing
2.) Inventories available for sale are increasing,
3.) Rental vacancies are high,
4.) The median and average home prices dropped last month,
5.) Consumer’s confidence is lower and their debt level is high, and
6.) The Federal Reserve is raising interest rates.
It appears all the pieces are now in place for a continued slowdown in housing.
Calculated Risk has MBA: Mortgage Activity Continues to Fall,
First we saw rising inventories, now it appears we are seeing more signs of falling activity. Next I would expect to see prices flatten out or even start to decline.