While the world stock markets were getting murdered across the globe in fear of a possible US led recession the FED stepped in this morning and made an unexpected .75 basis rate cute this morning.  This was the first inter-meeting rate cut since 9/11 and the first .75 basis cut since 1984. 

The US stock market/DOW opened almost 500 points lower this morning and rallied back to only 150 points down within one hour after the open.  The FED cut helped save the stock market today but will it save housing?  My opinion, is this will definitely help all of us and the housing market.  We still have a liquidity crisis and a flood of foreclosures so there will continue to be pressures on the housing market but this will help.