Existing Home Sales Drop to Five Year Low.

Pending existing home sales dropped to levels not seen since immediately post Sept. 11th. Take note, because tighter loan standards, more stringent regulation and finally rate resets all haven't even worked their way into these numbers... yet.

" Americans unexpectedly signed the fewest contracts to buy previously owned homes in more than five years in May as buyers waited for lower prices and lenders made it harder to get mortgages. "

The seriousness of the situation is just barely starting to sink in...

" The picture in housing is still negative. '' David Sloan, senior economist 4Cast Inc.
" Housing has had a more dramatic correction than anyone anticipated. " Jeffrey Mezger, CEO KB Homes

Source: Pending Sales of Existing Homes in U.S. Fall to Five-Year Low (http://www.bloomberg.com/apps/news?pid=20601087&sid=agSR1kumLhCM&refer=home)