Credit markets were at crisis levels, as investors flocked to Treasurys while dumping bonds tied to commercial real estate and corporate debt.

The one point of widespread agreement in the real-estate industry: there is no single accurate index of home prices.

These days, everything has a knock-on effect. Earlier in the week, an analyst report on the potential default of a couple of commercial-mortgage deals caused a big hit to the corresponding credit market. That, in turn, has caused a selloff in the stocks of REITs.

Fannie and Freddie suspend foreclosure sales and evictions on certain properties until January as it prepares for its loan-modification program. (Statements)

High fuel prices, the bankruptcy filings of Aloha and ATA, and the nationwide slump in consumer confidence have slammed Hawaii's tourism industry.