Tax credits hid ongoing real estate slide?

Perspective: Homeownership rate plunges toward 'sensible' level

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Last week brought a gale of game-changing news, contradicting recovery — and a whiff of panic. This holiday-short week was news-thin, and mid-July marks the beginning of an often sleepy season for markets and the economy.

Panic is sometimes an excellent investment strategy, but it is a difficult frame of mind to maintain. Thus stocks soared 450 points in three days this week, shorts covering, but bond and mortgage yields held extraordinary lows, underlying worry entrenched.

The 10-year T-note rose to 3.05 percent from 2.95 percent (mostly pricing down in advance of next week’s $69 billion Treasury bond sale), but mortgages stayed put in the mid-4s.