Are we there yet?

More bad news in housing: August pending home sales figures are out, and they're awful. Down 6.5% from last month, and down 21.5% from last year according to the National Association of Realtors. It was a drop much larger than expected.

What else have we missed?

Let's see: Mortgage applications are down, particularly for those looking to buy homes. August foreclosures are up. Oh, and home prices? They're down as well.

And homebuilders? They're having fire sales and offering steep discounts, just to get potential buyers in the door.