All that's left is the crying.

I've been watching interest rates like a hawk lately. It's the only way to tell what is really going on in the market since everyone wants to be "positive".

This morning you could find an interest rate below 4%. You'd have to work at it, but you could do it. Most are floating right above the 4% range. This is a very bad sign. At this point there can't be more than 10% of people still underwater. As I said yesterday, the high end market has topped, so the low end market can't be far behind. This will affect refi activity which is almost as dead as it gets now.