The situation in Europe refuses to stop worrying the markets. We're still stuck in a cat-and-mouse game, with the political leaders gathering now and then to forge an agreement that is even more extravagant than was the prior agreement--and the world reacts as if the solutions to Europe's debt problems is at hand--but alas...it's not. When investors all over the world have stopped and read the fine print, they have found little of clarity and substance that extinguishes the flames of uncertainty. As Nouriel Roubini puts it, we're headed toward an economic "train wreck." And little has been done to take the edge off that judgment.

At the same time, however, my own eyes have been drawn to the new-housing market, which seems to be improving--and could help the existing homes sell a bit better in the not too distant future.

No predictions can be made at this point. Europe will continue--at the least--delaying the woes its indebtedness could ignite. The American building industry will continue to make its own market, bringing us significant support for the real estate market and, most likely, for the whole economy (as the whole economy gets the message, stops waiting for recovery and starts making markets). I suspect we'll continue to slog along. Whether we can do so without tripping over our own (or Europe's) feet remains to be seen.

It's nothing if not exciting.