Blue skies ahead, or is the housing market falling off a cliff?

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People who track the housing market got a dose of data whiplash this week. At 9 a.m. on Tuesday the S&P CoreLogic Case-Shiller index showed the housing market cooling for the 11th straight month. An hour later, NAR released its pending home sales report showing a spike in signed contracts. So, which is it? At the most critical time of year for the housing market – the onset of the spring buying season – is demand falling off a cliff or picking up speed?