Geopolitics

Default concern is now spilling beyond the Greek border to the rest of the PIIGS -- Portugal, Ireland, Italy and Spain. Contagion mentality has set in. Markets have moved into Safe Haven mode. It's helping mortgage rates fall but it won't last forever.

Real estate is a local phenomenon. Every street in the country has its own local real estate market and that's why "national sales data" is useless. A Cincinnati, Ohio home buyer doesn't (and shouldn't) care about property values in Boynton...