Uh Oh Housing

As reported by the NAR, pending home sales are down 12%.  The NAR usually has a way of spinning every bit of bad real estate news into the greatest news ever.  An example below.  Aritcle in the WSJ.

"These temporary problems are primarily with jumbo loans, and there are continuing issues for subprime borrowers, but there are no serious problems for the majority of buyers who qualify for conventional financing or FHA-insured loans," Mr. Yun said. "Some consumer concerns remain, but since mid-August the market has been stabilizing somewhat.

I see the market as having not shed light on the true scope and magnitude of the fallout yet.