Fairly slow news day: retail gasoline down, oil down, and dollar up.

In what has to be the most obvious bit of analysis this week, the Office of Federal Housing Enterprise Oversight (OFHE)) is saying that Fannie Mae and Freddie Mac may record more losses as a result of the moribund real estate market….Seriously, this could have come out of a fortune cookie, particularly since we are seeing more indicators that the housing market has not hit bottom:

Mortgage applications fell 6.2% last week, (again, note that this is a noisy number), and California foreclosures hit a 20 year high in the 2nd quarter….actually the most ever, since they didn’t start collecting the numbers until 1988.