2. A 7%-9% hike would indicate that the real estate business is wounded, but the bottom is in sight.
3. A hike above 9% would mean that the bottom in real estate is not only in sight, but WFC is taking market share.
We will have an analysis of WFC's decision after their announcement. We will also run a number of banks through our Dividend Valuation Models over the next few weeks and share the results.