Housing boon waning

Signs evident across the nation

The frenzied bidding wars for co-ops in New York are mostly over.

In Pittsburgh, the rising inventory of homes on the market is dragging down prices, a boon for buyers.

These are all anecdotal signs that the exuberant housing market - one of the economy's most important pillars - finally appears to be winding down. Many analysts now expect that with a less vibrant housing market, the economy will be somewhat slower next year. If the housing market continues to lose fizz, it will also take some pressure off the Federal Reserve to raise interest rates next year.

Housing boom shows signs of finally waning [Christian Science Monitor]