As previously noted, the housing bottom is yet to come as well as commercial property capitulation.
Future markets are showing, however, very mixed, technically, it is easy to be bearish. Fundamentally, it is reasonable for markets pull back and market manipulation can last only so long as eventually fundamentals will trump over short term market actions.
Futures are trading above IT supports.
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Housing Market Being Pounded By New Wave of Foreclosures
The New York Times
| 25 May 2009 | 12:14 PM ET
As job losses rise, growing numbers of American homeowners with once solid credit are falling behind on their mortgages, amplifying a wave of foreclosures.
In the latest phase of the nation’s real estate disaster, the locus of trouble has shifted from subprime loans — those extended to home buyers with troubled credit — to the far more numerous prime loans issued to those with decent financial histories.
With many economists anticipating that the unemployment rate will rise into the double digits from its current 8.9 percent, foreclosures are expected to accelerate. That could exacerbate bank losses, adding pressure to the financial system and the broader economy.
URL: http://www.cnbc.com/id/30929084/
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