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1. HousingBy Tim Melvin
9:46 a.m. EST
Once again, the Case-Schiller report shows that although real estate is declining slower, it is still declining. The rate of decline slowed to 7.3% year over year. On a month-over-month basis, prices were flat. Is is getting a little better, but still I would be reluctant to call a bottom.
If this price action was occurring naturally, I would feel better. It is not. We are throwing every kind of stimulus and tax break at the housing market those innovative folks between the rivers can dream up. We gave Fannie and Freddie a blank check last week to keep loans available to people who probably should not be eligible for one and prices are still declining.
2. Corporate High Yield in 2010By Brian Gilmartin
10:07 a.m. EST We just finished reading another negative article on high yield this morning in terms of the prospects for 2010, which is probably understandable, given the +50% return for the asset class in 2009. That being said, I think how high yield performs in 2010 will be a function of whether higher interest rates are being driven by faster economic growth or just inflation.