Not Going Away

Reality of effect of "credit crunch" on housing in the United States was underscored by today's home-sales contracts estimate: lowest since 9/11...that would be 2001. If anybody still had on the rose-colored glasses that were worn yesterday on Wall Street, this broke 'em. Over the past weekend, one pundit opined that it could take a DECADE for housing woes to unwind and reverse. OK, I'm partial to the three-to-five-year guesses. [PS Iraq War update coming soon!]