"AN OPEN TO REMEMBER"

That's the word on all the financial shows this morning. Down Limits on the S&P futures were triggered and stopped everything until the open - the Dow components are ready to post big drops at the open....wow, what is going on?

But wait....the open was orderly, down big but orderly. As I write this, it's fighting to maintain above 8,200 (which is down about 400 points). Interestingly, some of the "talking heads" are beginning to chat up a rally "for the ages" once all this turmoil finishes. That may be too optimistic for right now. Let's get through today and see how the week ends.

More importantly, the impact on the real estate market won't play out until the next few weeks. North Shore real estate has certainly experienced its own slowdown and prices have been"adjusted" appropriately. The market is quieter. We work in the largest office on the North Shore (transactions, deals done, volume) and looking at appointments, floor calls (people calling in off yard signs and ads), even the number of agents in the office, it's quiet. People are shaken, confused and "hunkering down".

The keys to a recovery will be a change in the lack of lending, more reasonable credit standards and banks accepting exposure to more real estate loans.

More to come.

DS