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Is it raining Houses in the United states yet?

The Housing market has officially hit rock bottom and it seems that it is still going down. I guess that there is rock bottom and a whole new low beneath all that. With the recent subprime massacre, the credits have all been drying up. That is old news but taken together with the Recent home sales it does paint a very depressing picture. Of course there are many who say that the only way to go is up from now on but it seems that the Housing index has not heard that and is determined to set all sorts of record for all the wrong reasons.
Sales of existing home fell 8% while the number of unsold houses seem to be going up. As a result of the recent credit crunch, everyone is trying to make a quick buck while they still can. So as a result the housing prices are still high but that is all bound to change and change it will. Faced with this dismal real estate news, the prices are going to take a dive but the real question is whether it will entice the people to spend. Maybe if the Feds start cutting rates a lot, it may help. But any economist worth his salt will tell you that this is one ride we all have to take whether we like it or not. Maybe the ride will take us up but then again, it may take us all the way to the 'nether' regions. Either way I have bought the butter popcorm for this ride!
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