Uh Oh

Once-booming. They're now calling it the "once-booming housing market". For good reason, too. AP (08.15.06):

"The nation's once-booming housing market slumped even further in the spring with sales declining in 28 states, led by big drops in the formerly red-hot areas of Arizona, Florida and California. Sales of existing homes fell nationwide to a seasonally adjusted annual rate of 6.693 million units in the April-June quarter, down by 7.5 percent from the record rate of 7.193 million units in the spring of 2005, the National Association of Realtors reported Tuesday." More evidence housing boom over _ 28 states see sales decline

"And in further evidence that the boom is over for housing, the National Association of Home Builders said its monthly survey of builder sentiment fell to its lowest level in more than 15 years." In June, builder confidence was at its lowest level in 11 years.