For risky-assets, I am saying in the past, before the sub-prime crisis, risky-assets were so much under-priced to a large extend, and now this wave of credit crunch is all about risky-assets re-pricing. However, due to the sudden liquidity dry-up, investors are generally panic and the BUYER market of risky-assets simply disappeared. Without a buyer market's existence, there is no way to re-price the risky-assets, what would happen is ppl can only play in quality asset market, coupled with regulatory or risk-averse concern, quality assets are oversold at cheap price to cash-in. But without the re-pricing of the risky-assets, the sell-down in quality assets is far from an end.

Traders, Investment bankers are taking long leaves for the market to settle down. Simply because there is little business for credit play - leveraged buy-out, high-yield, all these hot topics in the past utilizing leverage and credit are deadly quite, IPOs and new debt issuance are postponed....

For Housing, here is the Existing single home prices that fell 1.5%, confirming that housing is still falling and is not improving. This is taken from one institute's summary, no further details yet.