If you caught CNN on April 25th, they were showing how bad the housing market was doing with a seven months supply in  housing. It is true home sales are the lowest per month in several years, BUT, a seven month supply is not a bad number. In fact, 6 months is considered balanced. Less than 6 is a sellers market and more than 6 is a buyers market. To determine the market absorption, divide the number of houses on the market by the number sold in the month under study. The ONLY problem in the housing industry is the attitude of the buying and selling public, we call it consumer confidence. Rates are great, supply is great, and interest rates are still great. If you don't believe that, talk to someone who was in the housing industry in the 80's with rates of 18%. I was there, and it was a REAL challenge! The message is......buy now! Spread the word.