Case-Shiller Home Price Index up 12% annually BUT

[David Krulac]

15% decline in cooper & lumber, key components of housing

June housing starts dropped 9.9% in June

Housing permits dropped 7.5%

25% of the housing buyers are investors/institutions

Job creation is flat

Mortgage interest rates have risen about 1% (It has been written that for each 1% increase in mortgage rates 1 million less buyers qualify to buy a house.)

Be careful out there!