The audacious rise in the Dow industrials to a record will do little to prevent the millions of new "For Sale" signs likely to dot U.S. lawns soon.
Fears of mounting foreclosures and predictions of a lackluster holiday season remain even in the face of Dow 14,000, which has removed some, but not all, uncertainty about the faltering U.S. housing market.
At the root of investors' anxiety are so-called subprime loans made to borrowers with shaky credit. Delinquencies are rising on subprime mortgages and defaults are piling up at record rates as home prices sink, pressuring consumers' desire to spend.
The ripple effect from the slump in housing doesn't stop there. Strains still exist in the U.S. credit markets even though there are signs of easing in the global liquidity squeeze, which was triggered by a lack of confidence in financial markets as subprime mortgage defaults soared.
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