ABC News: Fresh Data Shows Cooling Housing Market:

Sales of previously owned homes plunged in July to the lowest level in 2 1/2 years and the inventory of unsold homes climbed to a new record high, fresh signs that the housing market has lost steam.

The crash of the housing market is like a slow-motion train wreck. You know it's happening, but you try not to believe all the signs around you.

I saw the same thing in 2000 in the stock market. I had the misfortune of taking a dot com job a week before the crash. My new co-workers told me how lucky I was because my stock options came in at $11 a share, while many of them were stuck at $40. The stock had nowhere to go but up, right?

Five months later the cut all our jobs. I later used my options papers to start a fire in my woodstove.