New data out of the housing market appears to suggest that home sales are freezing just in time for the spring selling season. This is bad news for not only homeowners, but also for the economy more generally.

On Tuesday, that National Association of Realtors reported that existing home sales dropped in March to a seasonally adjusted annual rate of 4.59 million. While this was only 0.2% below February, it was a disturbing 7.5% under the same month last year.

Analysts and investors nevertheless gave the reading a pass, as they remain focused on earnings season and reassured by economists and commentators that the housing market is stabilizing. But is this really the case?

In the video below, Motley Fool contributor and frequent housing market commentator John Maxfield shares his opinion about why this may be a much more serious issue than it's currently getting credit for.