Wall Street is not looking so good right now. In the beginning of October it was widely hoped that the credit dilemmas had been solved, but it seems that the Dow Jones industrial average is on track to break its biggest monthly total loss since September of 2002. It is not just the common lenders/financial institutions that are being hit, corporation giants Fannie Mae and Freddie Mac are also taking losses.

Many feel that the only chance for better numbers in December, rest in the hands of the Federal Reserve, if they make another interest rate cute. The head bank for the reserve will meet on Dec. 11; it is reported that they had a tough time deciding to make the last quarter-point cut in October 31st. If the cut is not made, the only other foreseeable hope is if future data shows that business and consumers are holding in tight with the current swing in prices.

More bright news is not expected as the National Association of Realtors will be reporting on October’s home sales on Wednesday, and the Commerce Dept. will be reporting the same on Thursday. It looks as though both will be reporting a decline over September’s sales.

On the flip side, the Commerce Dept has estimated that the gross domestic product grew 3.9% last quarter, which may now go up to 4.8%.