Further Evidence of a Rocky Recovery S&P's downgrade of US debt offered investors no new information about the quality or the riskiness of Treasury securities. It has, however, challenged foundational assumptions about the workings of the global financial system at a difficult juncture for the fragile recovery. The uncertainties introduced as a result coincide with other, less qualitative measures of the US economy’s performance, which generally show that the recovery has slowed.

Commercial real estate investment activity has rebounded strongly in cardinal markets over the course of the last several quarters. Sales volume and pricing metrics have both climbed off their lows, outpacing improvements in other primary markets. The gains measured for the most visible assets, in the office sector in particular, have exceeded upside expectations during the depths of the financial crisis. Even as cap rates have fallen, going-in spreads have remained wide by historic standards, owing to rock bottom Treasury rates and attracting a confluence of investors and lenders.

What to Make of the Debt Deal | In the hours after the announcement of a Congressional deal on raising the debt ceiling, Sam Chandan speaks with the CNBC's Squawk Box about the implications of the agreement for the US and global economies. Dr Chandan tells CNBC that the debt deal does not go far enough, and that restructuring of federal revenues and expenditures will be one of the central issues of the 2012 presidential election.

Watch the video at the CNBC website.

Is the Bloom Off the Homeownership Rose? | by Jerry Ascierto | Pointing out that the national homeownership rate has fallen to a 13-year low, Jerry Ascierto asks if the shift represents a cyclical move away from ownership or a structural adjustment.

What's Driving Institutional Investors' Bumper Crop? | by Ben Johnson | Institutional investors have enjoyed strong returns on their real estate portfolios during the first half of 2011, Ben Johnson explains. He points to the example of the New York State Common Retirement Fund, which "reported a 26.7% return on its real estate portfolio for the fiscal year that ended June 30, 2011.

Europe’s Newest Agreement No Panacea | Europe's newest plan to stave off a broader debt crisis may not be scaleable and flexible enough to offset the vagaries of bond investor sentiment, Sam Chandan offers in his assessing the latest developments on the Continent. The possibility of a Eurobond may address the crisis in a more robust manner, but will also add to upward pressure on Treasury yields in the United States: