CNBC's Diana Olick takes a look at whether the winter weather is to blame for the slowdown in housing or if it has more to do with weakened affordability.


Why this is turning into an epic bull/bear debate on whether the weather is really to blame for the slowdown in the housing recovery or if it has something to do with something more serious which is weakened affordability. Home prices shot way up in 2013, so did mortgage rates which together are making housing far more expensive. How much more? 21% according to a new report from realty track. they looked at the average monthly payment on the median priced home with a 20% down and 30-year fixed mortgage, a 10% rise in home prices and rates going from 3.5 to 7.5, that payment goes from $714 a month to $865. Also Michigan and Nevada are seeing jumps. We've seen home sales nationwide down for four straight months. the good news is, price gains are are easing a bit and inventory is rising. That's what the bulls are harping on when they blame the weather. The bears say the weaker affordability is why California is seeing such a huge drop in sales, down nearly 14% in January from a year ago. We get the national existing home sales numbers for January out in just under three hours. they will, of course, only add to this debate, I'm sure, guys.