As I noted last week, the major by-product of current financial markets turmoil is lack of credit. While affecting the big players dealing in billions of dollars in investments and trading accounts, there is also fallout at the consumer level. Mortgages for new homes as well as for refinancing existing ones, are more difficult to obtain.

Realtors Group Lowers Housing Forecast (NPR)
The National Association of Realtors lowers its outlook for existing home sales this year by 1 percent, or 70,000 homes, as the housing market continues to slump. Its revised forecast calls for existing home sales of 6.04 million in 2007, down from July's prediction of 6.11 million this year.