The morning after ... the latest on housing ... and more

Phew! What a day yesterday. These global meltdowns don't happen very often, but when they do, they can take you for a real ride. So where are we this morning ...

Interest rates are modestly higher. A downward revision in Q4 Gross Domestic Product growth to 2.2% from 3.5% had little impact since everyone pretty much expected it. Next up is the Chicago PMI report (at 9:45 a.m.) and the January new home sales report (10 a.m.)

Stock futures are bouncing back a bit, the dollar is bouncing back a bit, and China's market bounced back a bit overnight.

Meanwhile, you can check out some of my comments on the latest housing stats here in Florida and around the country here and here. And Caroline Baum, one of my favorite writers at Bloomberg, had this great piece on how the credit carnage likely won't be confined to subprime ... and how tighter lending standards could harm home sales. Looks like she pretty much shares my thoughts, as expressed here.