And now for a bit of whimsy in the wake of today's depressing Case-Shiller update. I was reviewing the latest housing data at Calculated Risk and had a mental flashback to August 2009, when I originally posted this hilarious SNL skit, Don't buy stuff you cannot afford.

I speculated at the time that the skit iself was the true cause of the housing collapse. Why? A bit of research on the website turned up the date of the original skit airing: February 4th 2006. With this in mind, let's have a look at Calculated Risk's latest S&P Case-Shiller Index chart, to which I've highlighted the SNL date.

So now we understand what REALLY caused the collapse of the housing market. Everyone watched this SNL episode stopped buying houses they couldn't afford.

Note: My friend Paul Hanly in Australia alerted me that the video above may not play outside the US. Here's an alternate link to the SNL skit that works Down Under. Paul Thanks! and Happy Australia Day!