economy versus stockmarket correction, page-20

But wait!...there's more... This is hot from from Moody's Credit Trends ...
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Previous Record Appreciation Softens Blow of Home Price Deflation ... even if the moving 12-month average of the real median prices of existing homes sold sinks by -10% from its May 2006 zenith, it will still exceed all readings prior to March 2005.

Index of Pending Home Sales Lifts Some of the Gloom From Housing ... Both July's unexpected 5% monthly jump by the index of pending home sales and the better-than-9% yearly growth of mortgage applications for the purchase of a home hint of a decent demand for housing.

Consumers Plan To Spend More On Cars, Appliances and Housing ... after slowing from Q1 2007's +3.7% to Q2 2007's +1.3%, the annualized sequential increase of real consumer spending should rise to +2.0% in Q3 2007, which would limit the slowing of the annualized quarterly growth of real GDP from Q2 2007's +3.4% to something no slower than +2.0% for Q3 2007.
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I am not saying there is or was no us housing slow down. I am just saying this was not largely due to subprime mortgage factors. I just can't see any evidence for the doom and gloom all the recent subprime mortgage hype portrays. I reckon, its just a bunch of subprime lenders going down kicking and screaming.