Economies are tanking everywhere

Commentary: Expect commodity prices to fall, dollar to strengthen

Get smarter. Grow your referral network at Inman Connect San Francisco
Limited seating still available, July 17-20

The immediate credit market response to a wave of new economic data is as-was, lowest-fee mortgages 6.5 percent, 10-year T-note just under 4 percent.

However, last week marked very significant change: Economic decline here and in Europe is now beyond argument, and the decline is fighting inflation for the Fed and the European Central Bank, neither of which needs to raise its rate further.