In the local news the foreclosure rate in Massachusetts "spiked" during the month of July. Local real estate agents have told me that the market is slowing. And across the pond, there is talk that portends even worse news.

Some are suggesting that the housing market in the US is in a "free fall." Their words. Not mine.

The slowdown in the US housing market will force businesses to slash 73,000 jobs a month next year and could be more damaging to the world economy than the dotcom crash, warn economists.

"Things do seem to be getting worse very quickly. Freefall is a strong word, but I think it's the right one to use here,' said Paul Ashworth, chief US economist at Capital Economics.