Readings for the Day

From Calculated Risk: T2 Partners: "Why there is more pain to come" explains why housing crisis is not over because subprime mortgage is only a small portion of the MBS. As we all know, Alt-A mortgages is the next to blow up.

From Calculated Risk: Crude Oil Below $33 a Barrel: Crude oil dropped below $33 a barrel in New York as rising stockpiles at Cushing, Oklahoma, leave little room to store supplies for delivery next year. The more-active February contract rose 69 cents, or 1.7 percent, to $42.36.

From Calculated Risk: Retail Space to be Vacated and Calculated Risk: CRE Owner "Walking Away": These are why commercial real estate is going to continue performing weak in next year.

From DataQuick: California November 2008 Home Sales: An estimated 32,163 new and resale houses and condos were sold statewide last month. That was down 24.0 percent from 42,293 in October and up 25.7 percent from 25,578 for November last year.

The median price paid for a home last month was $258,000, down 7.2 percent from $278,000 for the month before, and down 37.7 percent from $414,000 for November a year ago.