Home sales slump.
I just talked to my brother, a mortgage broker (see msg above) and he reports home sales in Ft Myers, where he lives, (one of the hottest markets in the nation, with no shortage of rich people and investors) have gone into a death spiral. Lenders have gone to ground as well. He is already looking for another job. His prediction: it will take at least a year, maybe two, before the market recovers.