The NAR has the pending sales numbers. "The Pending Home Sales Index,* based on contracts signed in May, was 10.1 percent lower than May 2005. David Lereah, NAR’s chief economist, said the index appears to be moderating."

"'The slight change in pending home sales indicates the market is beginning to level out,' Lereah said. 'This is consistent with our forecast, which is showing a soft landing for the housing sector. We are entering the second phase of the transition period from the housing boom, in which sellers are becoming more realistic about their expectations, sales are stabilizing and annual home price appreciation is returning to historic norms.'"

"Regionally, the PHSI in the South was 7.3 percent lower than May 2005. In the Northeast, the index was 7.8 percent below a year ago. The index in the Midwest was 13.6 percent lower than May 2005. The index in the West was 12.9 percent below a year earlier."

A New York television station looks at why borrowing rates are higher. "Mortgage broker Ellen Bitton wants you to remember that even with the recent rise in mortgage rates, they are still lower than they were five years ago."

"Luther and Nellie Davis have been following the Fed announcements for a year and a half. Construction on their new home took longer than they expected, so they paid money to lock in the interest rate for nine months. 'And then after that we paid another $75 to lock in another rate for another six or nine months, and then we gave up locking in rates,' says Luther."

"So much for hurrying to beat the rate hikes. And does it really matter? 'The love affair with real estate and the mortgage business doesn't end just because interest rates go up or go down. It doesn't start or finish just because of where interest rates are,' says Bitton. You can always re-finance."