I was scanning the headlines this morning and read this piece on the most recent home sales data in the US. The numbers were so shocking that I feel compelled to link to it. Here it is. I continue to think that the worst is not over for the equity markets overall, or for the US economy. The housing market has to hit bottom and show signs of recovery before everything else can follow. Consumption is what drives drives growth and in the US the average consumer has been using their home equity as a checking account. That party is over and will be for a long time to come.