Latest US housing numbers don't bode well for 4th qtr GDP

The National Association of Realtors' news release Fourth Quarter Metro Home Prices & State Sales Likely Have Hit Bottom informs us that housing sales fell in 40 of the 50 states. Total existing home sales dropped 10.1% from the fourth quarter of last year. Longer term, I think that the above chart from Mish's Global Economic Trend Analysis is likely to accurately forecast the future of the US housing market in terms of the general trend.