The latest Case-Shiller numbers have been disappointing, but they're a few months behind the curve, so it's hard to tell, exactly, what's going on right now.

But lesser-known measures, which attempt to track what's going on right now indicate that the right now isn't so hot.

David Rosenberg pointed to a couple of them in an earlier note this week, showing price weakening in December.

And the latest Altos Research real time numbers don't look good either, with their 1-city composite falling 1% sequentially in the last month of the year. Granted, seasonal factors are at play, but given the sharp fall, a rebounding housing market could, possibly, overcome that. So far it's not happening.