Not to be a Cassandra, but things continue to look bleak in the housing market - some sellers are getting desperate (see photo) and Wall Street is taking note:
NEW YORK (AP) -- Wall Street fell sharply Thursday, extending its weeks-long streak of volatility after disappointing home sales figures added to investors' increasing uneasiness about the mortgage and corporate lending markets. The Dow Jones industrials fell more than 240 points, while Treasury yields plunged as investors moved money from stocks to bonds. Investors who had been able to shrug off concerns about subprime mortgage lending problems and a more difficult environment for corporate borrowing were clearly worried once again. Anxiety increased after the Commerce Department reported that sales of new homes fell 6.6 percent last month to a seasonally adjusted annual rate of 834,000 units, more than triple what had been expected and the largest percentage drop since sales fell by 12.7 percent in January.
I guess the only silver lining is that the public will be even more angry at Bush and the GOP, a trend I hope continues. See:http://www.nytimes.com/aponline/business/AP-Wall-Street.html?_r=1&hp=&adxnnl=1&oref=slogin&adxnnlx=1185466954-Q7YMMbwBDelInK+dtx78nA
1 comment:
I don't think I can get any angrier at the Bush Admin. Who are the 30% that still think he's doing a good job? I've got a bridge or some nice swamp land to sell them...
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