Signs of cracks in the real estate market are appearing (rising inventories, more price markdowns in some markets). I feel it here in New York, where it has been more than a week since anyone has come to see our fabulous apartment (on the market in combination with our neighbor's place for six weeks and counting).

But wait, isn't this August? Even worse, late August starts next week. That's vacation time -- soon to be followed by back-to-school time (an incredibly hectic period anyone with kids can attest). It's hardly home-shopping season.

So, while I see signs the housing market is cooling, I wonder if it is just temporary. Will the buyers be back in droves in mid-September? It wouldn't surprise me a bit.

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