More bad news is out today on the economy. Existing home sales are down 2.2% nationally for the latest month. Home values dropped 6%. Remember, this is for ONE month. These are national averages so your locality could be better or worse. Markets aren't down because of media reports and people (like me) writing about recession, they are down because they're responding to bad economic news.
Many experts are worried about the grave Federal reserve cut of 75 basis points Tuesday amid reports of a further cut next week. Though this will relieve pressure on adjustable mortgages its inflationary impact will outweigh that positive. These mortgagees need assistance in more meaningful ways in the area of regulation and rate freezes rather than moves which will further inflame inflation. The savings from rate hikes will disappear amidst higher prices overall.