Housing sales are off, unbelievable. The breathless articles act like this is some kind of a shock. The minimal reaction of the stock market indicates that the market is not surprised. The debate is whether the housing market will have a hard landing or a soft landing. As a home owner I hope for a soft landing, but as a potential upgrade buyer I want a hard landing. Homes are not moving (at least in my neighborhood) and sellers are not acknowledging the new environment. When houses are priced to move, and when recent buyers with exotic mortgages can not refinance and have to sell, that will tell whether we are going to have a hard or soft landing.