Lets lead with some good news, the New York Bank of the Federal Reserve's Empire State Manufacturing Index hit its highest level since November, 2007, and it's actually positive, as opposed to the "falling less slowly," good news we frequently see from hack economic reporters. (See top pic)
We also have home builder confidence, as measured by the National Association of Home Builders/Wells Fargo Housing Market Index, rising to its highest level in more than a year.
<Paul Harvey>And now, the rest of the story:</Paul Harvey>
We have the delinquency rates at commercial banks rising sharply in Q2, and the banks responded by tightening credit significantly.
This is pushing up the price of treasuries, and thus lowering their yields, as investors flee to quality.
As a result, the Fed has extended its TALF facility for commercial real estate, because they (correctly) see an impending crash.
Meanwhile, on the other side of the pond, where our other partner in corrupt "Anglo-Saxon Capitalism" goes to work, asking prices of UK homes fell by 2.2% this month, (that's for the month, not annualized) with lack of credit to home buyers being a large factor in this move.
All in all, most of the signs are not good, which is why both crude oil and natural gas fell significantly today, and the US dollar and the Japanese Yen both rose.
Graph Pr0n, courtesy of 
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