The chart is home sales activity in St. Paul, MN for the last 7 days. Some of what we are seeing is a normal seasonal slow down but it is being accelerated by the partial government shutdown and the "looming" debt ceiling crisis.
The news media like the word "looming" and it is a good word because it causes consumer angst and angst leads to a slowing in consumer spending which in turn slows the economy.
Will we go back to the great recession? Will the housing market recovery stall out? Will the housing market crash again? Is this blog post just my own consumer angst over the looming possibility of a global economic crash?
The main difference between the October chart and the August chart is the ratio of pending sales to listings. In a nut shell there are more listings and fewer sales. The market is still healthy but if our leaders do not do their jobs and open the government and raise the debt ceiling all bets are off because we will be in unchartered territory.
Note that everyone in Congress gets a pay check no matter how the economy behaves and they are immune to layoff and they have excellent health insurance and apparently a bunch of them do not care if they are re-elected.