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Falling 44 points yesterday. the s&p 500 lost eight. nasdaq was down 24. taking a look at overseas trading this morning in, tokyo, the nikkei gained 43 points, hong kong, the hang seng jumped 234. mixed housing data and unrest in europe extended the s & p's losing streak on wednesday. the median price of new homes sold in august rose by a record amount. however, sales of new homes dipped slightly. and that took a toll on home builders pulte group, kb and beazer. protests in europe like this one in spain blunted any optimism about the housing market. the bank of spain warned the country i...

Elections based on how we feel on the summer. our views are framed from where we were feeling and what we were thinking in july and august. let me explain. we are sort of rearview mirror type voters. we feel that we felt a few months ago. after george bush senior, we know that very well. a lot of americans were feeling that the economy was at a deep recession. even though by election day of that year, it was too little too late for george bush senior. just what the doctor ordered for one bill clinton. that was then and this is now. the argument that the economy -- this housing data that we got...

Market may be finally on the road to recovery according to the zillow home value index. prices rose fastest in phoenix and miami where fewer homes were for sale and investor demand is strong again. just minutes away from the opening bell. let's get to the market rundown. cnbc's becky quick is here. europe is having its usual impact on the markets. the housing data is sort of finally a foundational evidence of the potential that the economy may have hit bottom, yes? >> crossing our fingers in a huge way because we talked to so many people, chuck, who say as relation estate goes and housing pric...

Issues would get resolved. all these quick fixes and government subsidized programs are just creating more of an issue. so i think we need to get back to the free market and back to letting supply and demand create the real estate market. we're seeing a recovery so why interfere. >> are we? in your neck of the woods, south florida, we're seeing that a lot of inventory is worked off there and it looks promising, different stories in different parts of the country. housing data that's all over the map. what is your sense of where this housing mess stands? >> overall the housing market is better....

We see stabilizing jobs, unless we see housing prices going up, the trend is going to continue. >> neil: maybe consumers are wrong. when i look at confidence survey builders are more confident than in years. what is right? who is right? >> the housing data is stabilizing. certain parts of the country you are seeing better data. no question, when i look at gas prices they have come down giving some relief to consumers but you are not getting enough relief. expenses have gone up. the fact they are working more hours to take home the same money. that is why the real wages are down. again the cons...