As foreign capital continues to pour into the U.S. housing market - in no small part through investment in U.S. residential-mortgage backed securities and CDOs - investors, analysts and others continue to search for indications of when, or if, that demand could wane.

An inflated U.S. housing market is not at the top of the list of concerns for Asian investors, anecdotal evidence would indicate. Investors attending Citigroup Corp.'s credit conference earlier this month in Thailand said they were more concerned with rising corporate default rates than a slowing housing market, according to Citi. Asked during an informal survey to rank their concerns regarding the U.S. market, nearly 30% of respondents voted, "corporate defaults spike in 2006," while about 25% answered, "the floor drops out of the U.S. housing market." Also, 18% of respondents were most concerned with a surge in inflation brought on by rising oil prices while a little more than 15% said they were most worried about liquidity suddenly vanishing.

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