Obviously, the housing market is horrible. Yes, sales of existing homes are up (more on that in an upcoming Bee story), but many of those properties are bank owned. Foreclosures are peaking, builders can't give their houses away and a general economic malaise hangs over everything.

I'm not enough of an expert to attach a grade to the various segments. If an average market is a "C," are we flunking? Was the real estate boom in the first half of this decade an "A" or a "D"? I suppose it depends upon perspective. Sellers and investors would attach the higher grade; first-time home buyers would affix the lower.

Real estate consultant John Burns has his own formula and completed a report card for June. Here it is, as reported by Inman News: :