Michael Hartnett at Bank of America said that for the S & P 500, "we say nibble at SPX 3600, bite at 3300, gorge at 3000."
The S & P 500 closed Friday at 3,873, and the June 16 bottom was 3,666, so 3,300 and 3,000 are a ways away.
What about 3,000, the level Hartnett suggested investors should "gorge" on the S & P 500?
A much lower multiple with a contraction in earnings: That is what you call a recessionary earnings picture.
Bottom line: Lower mortgage rates definitely have been a factor in higher home prices for some time.