Even Deep-Pocketed Buyers Are Starting to Back Away From the U.S. Housing Market. But no, we’re not headed for anything even close to 2008.

If you’ve tried to buy a home in the past two years, you have my most profound sympathies. Your experience has probably gone something like this: You found your dream home online; sent photos around to your family; visited the premises (or decided to buy, sight unseen); got your financial statements in order; smartly offered 10 percent over asking; and learned, several hours later, that no fewer than 831 other people had bid for the same house, which sold to a couple who paid 50 percent over asking, all cash, and cinched the deal with a contract amendment promising to name their firstborn child after the seller.