Reacting to news of yet another rate cut by the Federal Reserve, Wall Street soared high on Tuesday, sending the Dow Jones Industrial average up by more 400 points today. Helping the surge were better than expected numbers from big banks Lehman Brothers and Goldman Sachs, which momentarily eased the concerns after the collapse of Bear Stearns and it’s $2 per share buyout by JPMorgan.

Can also be good news for the housing market? Possibly, if it helps to push mortgage rates lower and opens the credit funnel a little wider. We’d love to think of having gotten through the worst of the housing crisis - even have signs of hope but the truth is that situation is dismal not only in the US but worldwide.