Britain's Omen for the US Housing Market

The Financial Times further chronicles how quickly the British housing market cooled, and the toll it's taking on that country's economy:

The average British home cost £192,400 in June, almost exactly as much as in January. The flat market has pushed the annual inflation rate from a recent peak of 15 per cent last summer to 6.2 per cent last month.

But wait, there's more...

While most measures of transaction prices show prices to have been relatively constant in 2005, surveyors and estate agents report falling asking prices.

This isn't a story your real estate agent will share with you.