The document provides an overview of the US housing market in 2007. It summarizes housing data and home sales trends from various reports between April and July 2007. The key points are that existing home sales were down while new home sales increased, inventories of homes for sale were growing, foreclosures were increasing, and the weak housing market was expected to continue dragging on the broader economy through the end of the year. Home prices were also declining in many markets across the country.