Low prices not helping housing

Credit markets shrugged off news of 3.5 percent gross domestic product growth in the third quarter, and the 10-year T-note has repeatedly held tests of 3.5 percent (3.41 percent now), mortgages 5.125 percent or better.

The GDP news intermittently ignited the stock market and caused new speculation that the Fed will soon make noises preliminary to tightening credit. (Razzing from the skeptical side: If the Fed tightened credit, how could anyone tell?)

Stripped of "Cash for Clunkers" and weird inventory adjustment, GDP really grew only about 1.5 percent, and that was mostly due to other government stimulus.

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