Economy Sags on Housing, Consumer Confidence

BusinessEconomy Sags on Housing, Consumer ConfidenceEconomy Sags on Housing, Consumer ConfidenceThe Associated PressFrom gauging consumer confidence to monitoring home prices, the numbers on the state of the economy are anything but encouraging. (June 24)[Notes:B-roll cut to Graphic on Consumer Confidence showing numbers]Consumer confidence fell sharply in June, sinking to its lowest level in more than 16 years. The Conference Board's reading of 50.4 was a much steeper decline than economists expected.The report also said the group's reading of consumers' expectations hit an all-time low as gas and food prices rose while home prices tumbled to levels not seen since in close to four years. [Notes:Graphic on S&P /Case Shiller] In a separate report, the Standard&Poor's/Case-Shiller home price index fell by 15.3 percent in April . That's the largest drop since its inception in 2000 and the first time the index shows all 20 metro areas posted annual declines. A narrower 10-city index declined 16.3 percent, its biggest drop in its more than two-decade history. [Notes:SOT; Beth Ann Bovino - S&P Economist] Lawmakers, meanwhile, began to take action on the housing crisis. A 300 billion-dollar mortgage assistance bill has cleared a key Senate test, drawing broad support from Democrats and Republicans alike.The move reflected a keen interest in both parties in claiming election-year credit for helping homeowners amid tough economic times. [Notes:SOT; Beth Ann Bovino - S&P Economist]The bill still faces challenges that will likely delay any final deal until mid-July - including a veto threat from President Bush .****END****)

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[CascaMMA]

I'm with you. I say if you were naive enough or just plain greedy enough to purchase a home that could not be afforded...then suffer and sell at a loss, wreck your credit and go rent! It;s not the end of the world...just a freaking wake up call to these folks....or , we could bail them out. Bull Shit!

[CommentaryUSA]

And the two major political parties in America are running deadbeat candidates.

Vote for Chuck Baldwin of The Constitution Party instead. A vote for Chuck Baldwin is a vote against the criminal element in Washington DC.

Take back your country, vote for Chuck Baldwin.

Baldwin2008

chuckbaldwinforum

[TECHKLEC]

What "mortgage assistance"? Taxpayers have to bail out deadbeats again?