Everyone is reporting the latest real estate data which shows blatantly clear signs of a cooling off. The New York Times paints a pretty bleak picture:

“The housing market is deteriorating by the month. In the latest and strongest indication that the home buying and selling frenzy is over, the National Association of Realtors reported yesterday that sales of previously owned homes fell to the lowest level in July in more than two years, prices flattened and sellers waited longer and longer to find buyers for their homes. The supply of unsold houses on the market hit a record high.”

Just two days ago I saw someone on FOX saying that it wasn’t so bad. Just like gold, this pull back is no suprise. Toss in the seasonal summer slow down and you have a recipe for a serious housing market retreat.