The fall-off in housing activity is especially unsettling because fundamental determinants, from low mortgage rates and lean inventories to an increase in the number of households being formed, have all been pointing to continued gains.

房屋市场活动的减少尤其令人不安，因为具有根本决定性的指标——从低抵押率和低库存量到正在形成的家庭数量——都预示着会有持续增长。