Standard and Poor's Case-Shiller Index is a composite of single-family home sales results in the 20 largest US cities. They reported their second quarter numbers today and the news was not good.

"The pullback in the U.S. residential real estate market is showing no signs of slowing down," says Robert J. Shiller, Chief Economist at MacroMarkets LLC. "The year-over-year decline reported in the 2nd quarter of 2007 for the National Home Price Index is the lowest point in reported history, which dates back to January 1987.

Some markets that Maui owners tend to care about include San Francisco down 4% year over year, LA, down 4.1%, Seattle up 7.9% and Denver down 1%. Again, how does this affect Maui owners? It doesn't directly, but this sort of information is what buyers are focusing on and it is making them cautious.