As a matter of fact the Fed's Federal Open Market Committee stated the housing sector, which includes residential construction and homes sales, continues to be very weak. It appears that the housing market was supported by the tax credit softened significantly from July to now.
With the number of unemployed and under-employed households we find that here in the West there is a significant drop in purchasing. There are fewer people willing to buy a home. It makes sense when you have in the Western States, California, Nevada, and Arizona all with huge unemployment numbers.
As I have blogged before. Jobs are the overall problem with the economy and the housing market. As long as California has a job killing agenda we will force more and more employers out of state. This will cause a worse problem for the market.
It is difficult now that we are seeing the market slow down and fewer sales and even fewer buyers. So, when you see a report that the Fed open market committee stated Housing Market Very weak you know why.