What is interesting here is that QE3 has not increased future bets on housing. Quite the opposite — it seems the market is saying some form of outperformance top may now be in place in the short-term, and that the most recent iteration of QE actually has not helped move housing expectations very much.

The implication may be that as far as housing is concerned, money is saying the Fed has failed in juicing reflation expectations through home-price increases, and that any “tapering” could cause meaningful weakness to occur, according to MarketWatch.