No surprise, but a bigger drop than expected, Home Sales Slump at 8-Year Low according to an article in the New York Times today:

"…Sales of existing homes fell 8 percent last month to the slowest rate in at least eight years.

It was the steepest monthly decline since the National Association of Realtors began measuring combined sales of condominiums and single-family homes in 1999."

"..“The bottom is just falling out,” said Bill Hampel, chief economist of Credit Union National Association. Mr. Hampel said the outlook for the housing market remained grim. “Next month will be about as bad as this month,” he said."

I'm just wondering in anyone is doing well in the housing sector?  Is it all going down the drain? Sure sounds like it - although if one had the liquidity to buy property, now might be a good time - or even waiting another 6 months as prices continue to drop.