The July index from the National Association of Home Builders just came out. This is the index that measures current sales, buyer traffic and expectations for future market activity. All components plunged AGAIN. At 39, the index has now taken out its lows from the 94-95 rate hiking cycle, and is at the lowest level since December 1991 -- more than 14 years ago. Ugly. Ugly. Ugly. And remember, this is a JULY number, so it's very up to date.