After a spectacularly wrong forecast for the dollar, my only solace at the moment is a fairly good "forecast" (or "educated guess") for volatility in July. It appears that the carry trade and some of the larger players who are currently mired in credit concerns and have limited access to additional margin will not be able to prop up the market...which finally looks like accepting the obvious.
The financial economy always and everywhere follows the real economy. Real estate is certainly part of the real economy and the current malaise flowing through that system is not going away.
Bernanke is probably prepping the Ben-Copter as we speak.