(RECAP: Rising mortgage rates, overheating home prices, nothing for sale, pre-election jitters — the list of reasons to lose confidence in the housing market is growing. In fact, the share of consumers who reckon now is a excellent time to buy a home fell 5 percentage points in September in a monthly housing sentiment survey (known as HPSI) by Fannie Mae. The only drop that was larger was the share of consumers who reckon mortgage rates will fall. Pending home sales, which represent signed contracts to buy existing homes, have fallen for three straight months, according to the National Association of Realtors. Housing demand is strong, but supply is historically weak and getting weaker, as fewer homes come on the market in the fall and winter.)

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