The unexpected September drop was the first decline in six months. Plus, stocks slid on a mix of weak housing news; the Dow dropped 119 points.
SALES OF NEW HOMES
UNEXPECTEDLY FELL IN SEPTEMBER. IT WAS THE FIRST TIME THAT'S HAPPENED IN SIX
MONTHS.
SALES WERE OFF MORE THAN 3 AND A HALF
PERCENT. IT APPEARS THE NUMBERS OF BUYERS IS DWINDLING AS THE TEMPORARY TAX
CREDIT FOR FIRST TIME HOMEOWNERS WINDS DOWN.
NEW FORECLOSURE HOTSPOTS ARE POPPING UP.
BOISE, IDAHO AND SALT LAKE CITY, UTAH POSTED SHARP INCREASES IN FORECLOSURES
THIS SUMMER. LAS VEGAS STILL HAS THE NATION'S HIGHEST RATE WITH ONE IN FIVE
HOMES IN FORECLOSURE.
THE DISAPPOINTING HOUSING NEWS SENT
STOCKS TUMBLING.
THE DOW FELL 119 POINTS
THE NASDAQ LOST 56
GMAC IS ASKING FOR A THIRD HELPING OF
TAXPAYER MONEY.
THE FORMER LENDING ARM OF GENERAL MOTORS
NEEDS TO RAISE $11 AND A HALF BILLION DOLLARS. THE GOVERNMENT ALREADY OWNS A 35
PERCENT STAKE IN GMAC AFTER PROVIDING NEARLY 13 BILLION DOLLARS TO THE LENDER.
VOLVO MAY SOON HAVE A CHINESE OWNER.
FORD SAYS A CHINESE CAR GROUP IS THE PREFERRED BIDDER FOR THE AUTOMAKER'S VOLVO
UNIT.
FORD IS LOOKING TO UNLOAD VOLVO SO IT
CAN FOCUS ON ITS THREE CORE BRANDS - FORD, LINCOLN AND MERCURY. MERCURY WAS THE
ONLY AMERICAN CAR TO MAKE THE TOP 10 IN CONSUMER REPORTS ANNUAL RELIABILITY
LIST.
AND HOW'S THIS FOR A TRAVEL DEAL?
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