Some housing bubble news from Wall Street and a former central banker. "MDC Holdings Inc. shares fell on Wednesday, weighed on by a bearish call from Bank of America Securities that cited expected earnings declines over the next two years due. As for the rest of the homebuilding industry, analyst Daniel Oppenheim said he was cautious based on declining traffic trends, slower price appreciation and rising inventory levels."

"Along with declining housing activity and increased stock trading, the latest data reinforce the suspicion that aggressive investors are moving out of real estate and heading back into stocks. But equity strategist Scott Wren says that's not happening en masse yet. Most real estate speculators 'haven't come to grips yet with what's happened.'"

"Mills Corp. shares gained as much as 7% Wednesday morning after the company said its bank group issued waivers of default through year's end and that it has refinanced the mortgage on one of its properties, the REIT said. The troubled company, which has seen its shares plunge more than 35% so far in 2006, is looking into a possible sale and has yet to restate previous financial results due to accounting errors."

And the former Fed chairman spoke in Korea. "Former Federal Reserve Chairman Alan Greenspan warned on Wednesday a global glut in liquidity would result in a fall in asset prices. He said the market value of assets worldwide had been rising faster than nominal gross domestic product globally due to a decline in real long-term interest rates over the years and a significant fall in real equity premiums."

"'A good part of this expansion is a direct function of the decline in real equity premiums,' Greenspan said. 'That cannot go on indefinitely.'"

"He said asset prices would begin to fall, but did not predict when that would happen. 'I am reasonably certain that what we are looking at today is an abnormal situation,' he said."