This is guaranteed to be a wake up call to those watching the housing market, those good folks who keep saying a housing rebound is just around the corner. (Kind of sound like the wishful thinking coming from the mouths of those who support the war.) NAR reported some grim numbers:

The National Association of Realtors said yesterday that sales of existing homes, which account for the vast majority of all home sales, fell 8.4 percent in March. That was the steepest monthly decline since January 1989.

Since 1989? Remember what happened that year?

Nota bene: Jack on the mud-hut aspect, here.