The housing market is starting to crack—Sellers are cutting prices at record levels

There's something frozen about this housing market. "Zoom towns" like Boise and Austin aside, home prices nationwide have just refused to drop. Existing-home prices are on their seventh consecutive month of growth, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, a leading measure of home values for over 30 years.