The data are consistent with very gradual cooling in the housing market.

The decline helps affirm cooling in the housing sector and is consistent with other broad-based data we have seen.

The cooling off of the regional housing market can be attributed to a combination of job losses related to the airport, rising interest rates, infrastructure problems and growth control initiatives.

The Fed has been singularly unsuccessful in cooling down the hot U.S. housing market, primarily because its rate hikes have had little impact on long-term interest rates — so far,

Once again soft data appears to be generating more reaction in the bond market than strong data -- consistent with the bullish undertone,

Once again soft data appears to be generating more reaction in the bond market than strong data -- consistent with the bullish undertone.