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Economy - Economics USA

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Bloomberg.com

``A nation in recession spells disaster for a housing market that is already in a rapid descent,'' Celia Chen, an economist at Moody's Economy.com in West Chester, Pennsylvania, said before the report. ``Residential construction is in a f

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Michael Shedlock / Mish

Looking ahead to 2010-2011 I see a different set of problems. Those problems are Alt-A and Pay Option ARMS. And that is where the liar loans (no-doc loans) are hidden. Liar loans are likely to blow up long before we get to 2011

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Michael Shedlock / Mish

Those thinking of buying a house now, especially in California, may want to rethink their plans. Start looking for a bottom, or at least more reasonable prices in 2011-2012.

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waronyou

THE World Bank has issued an urgent call to rich nations to help stem rising food prices, warning that social unrest in poor countries is spreading and that 100 million people are at risk of being plunged deeper into poverty.

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MiamiHerald.com

• A three-bedroom house in Miami Shores that sold for $460,000 two years ago, went for $177,500. • A two-bedroom house in Coral Gables that sold for $670,000 in September 2005, fetched a bid of $300,000.

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Rawstory.com

Because retailers rely on a broad network of suppliers, their bankruptcies are rippling across the economy. The cash-strapped chains are leaving behind tens of millions of dollars in unpaid bills to shipping companies, furniture manufacturers, mall o

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CBS

"I don't know if I'm going to be putting a lot more gas in my car. I'll probably stow it away for the summer and just take the bus or a cab," said Chicago resident Marco Cabral. "Prices are getting too high, they're too

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AP

Retail gasoline prices pulled back slightly from record levels Tuesday and gave some consumers a small break, but a new government forecast said gas could reach as high as $4 a gallon during the summer driving season.

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AP

Growing numbers of middle-class Americans say they aren't better off than they were 5 years ago, reflecting economic pressures amid growing debt. Their short-term assessment is the worst it's been in nearly half a century.

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AP

The Federal Reserve, still working to combat the effects of a severe credit squeeze, said it had auctioned another $50 billion to cash-strapped banks. The Fed auction marked the ninth in a series that began in December that pumped $310 billion in sho

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Michael Shedlock / Mish

What's not debatable is what will happen if $1 trillion is written off. And that is the other "D" word: "deflation". A $1 trillion debt writeoff can hardly mean anything else. Furthermore, a $1 trillion writeoff will affect a

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biz.Yahoo.com.ap

The National Association of Realtors' seasonally adjusted index of pending sales for existing homes fell to 84.6 from January's upwardly revised reading of 86.2. The index stood at 107.6 in February 2007.

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