Real estate guru Mark Hanson updates his housing view following this week's dismal housing industry data: 

Don't let them tell you 'this is normal for Sept'. The 'oh-crap' moment is now in the can. Going forward, "Existing Sales" volume will disappoint on a YoY basis for several quarters. There is no way around it...

 Fool me once, shame on you; fool me twice, shame on me; fool me thrice, shame on the Fed...