The first hard evidence that the housing boom is running out of fuel is starting to show in monthly housing finance data. The number of owner-occupier housing finance commitments fell by 3.0% m-o-m in August after falling by 4.5% in July. Compared with August 2015, the number of housing finance commitments was down by 4.2%, representing the biggest annual fall in four years. The fall is also showing in the value of owner-occupier housing finance commitments, down by 1.6% m-o-m after falling by 4.0% in July and down by 4.9% compared with August 2015. In the following report, I highlight six reasons for caution ahead.