The Cash-Schiller/Home price price index fell 3.2% in the second quarter for its worst showing in 20 years or more.
Meanwhile existing home sales were off 0.2% in July to a 5 year low according to Investors Business Daily. And the supply of homes for sale rose to a 15 year high.
The above does not yet reflect the August credit contraction and the adjustable rate mortgage woes yet to come.
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