Monday November 26 Housing and Economic stories

Top Stories:

Detroit area housing slump wallops condos (detnews.com)
Levitt bankruptcy leaves Orlando buyers without houses (orlandosentinel.com)
Investors fear new round of turmoil - (www.ft.com)
Investors fear the financial system is moving into new credit turmoil, which could create further losses for financial institutions – and potentially hurt sentiment in the “real” economy - 20:32
Credit 'heart attack' engulfs China and Korea (telegraph.co.uk)
Three U.S. Banks to Ask Others for Superfund Help - (www.cnbc.com)
Freezing Mortgage Rates Will Fail– (http://globaleconomicanalysis.blogspot.com/)
Fannie and Freddie pullback would devastate economy - Reuters (11/24/2007 08:24 AM)
US vs. Japan Land Prices: Autumn 2007 Pictorial Update – (http://globaleconomicanalysis.blogspot.com/)
European Credit Markets Deteriorate Dramatically – (http://globaleconomicanalysis.blogspot.com/)
California homes deal to avert defaults - FT (11/25/2007 01:32 PM)
French bank Natixis says it took €407 million hit from subprime credit crisis - IHT (11/25/2007 01:33 PM)
Sub-prime ‘time bomb’ is set to explode in Britain - UK Times (11/24/2007 08:36 AM)


Other Stories:

Investors fear new round of turmoil - (www.ft.com)
Investors fear the financial system is moving into new credit turmoil, which could create further losses for financial institutions – and potentially hurt sentiment in the “real” economy - 20:32
Tony Jackson: Turning the screw back to 1973 - (www.ft.com)
Lawrence Summers: Wake up to the dangers of a deepening crisis
Fed sensitive to risk of rate cut
1000% hedge fund wins subprime bet

Boris Nemtsov, a former deputy prime minister of Russia and a potential presidential candidate, is among the protesters arrested at a rally in St. Petersburg against the government of President Vladimir Putin a week before parliamentary elections
California homes deal to avert defaults - (www.ft.com)
Agreement will see low rates extended - 19:14
New refinancing scheme offers relief
Outlook darkens for Detroit carmakers - (www.ft.com)
US consumer spending slowing down - 19:29
Sarkozy raises China currency concerns - (www.ft.com)
EU seeking fair rate for the renminbi - 04:42
Man in the News: Nicolas Sarkozy

Retailers Ring Up Strong Start to Holiday Shopping - (www.cnbc.com)

The lure of bargains trumped economic concerns at the start of the holiday shopping season. Retailers logged sales that were up significantly from a year ago.
Northern Rock to Name Virgin as Preferred Bidder - (www.cnbc.com)
Buffett Potential Buyer of Northern Rock: Report - (www.cnbc.com)
Sarkozy Turns Up Pressure on China Over Yuan - (www.cnbc.com)
Week Ahead: Credit Worries Abound - (www.cnbc.com)
E-Trade Financial Holding Talks With Possible Buyers - (www.cnbc.com)
Credit Crunch Hits Commercial Real Estate – (http://globaleconomicanalysis.blogspot.com/)
Big Discounts, Expanded Hours, More Foreclosures – (http://globaleconomicanalysis.blogspot.com/)
U.S. Consumers Spent 3.5% Less on Holiday Shopping - Bloomberg (11/25/2007 05:33 PM)
Wake up to the dangers of a deepening crisis - FT (11/25/2007 02:50 PM)
Don't look now: Here comes the recession - Fortune (11/25/2007 05:31 PM)
Housing woes have domino effect - USA Today (11/25/2007 01:02 PM)
Eating out is getting lonelier - LA Times (11/24/2007 08:35 AM)

Mortgage Failures Could Create Nightmare - AP (11/24/2007 06:41 AM)
Crunch May Hit Insurers Of Bonds - Washington Post (11/24/2007 08:23 AM)
Oil Closes at Record in New York as Fuel Inventories May Drop - Bloomberg (11/24/2007 08:26 AM)
Investors fear new round of turmoil - FT (11/25/2007 05:50 PM)
Euro is becoming the it currency - USA Today (11/24/2007 08:28 AM)
Turning the screw back to 1973 - or perhaps further - FT (11/25/2007 01:33 PM)
Subprime Mess to Worsen - WSJ ($) (11/25/2007 03:22 PM)
Refinancing May Be Harder to Enjoy - WSJ ($) (11/25/2007 03:28 PM)
Hedge Funds:Leveraging The Numbers - WSJ ($) (11/25/2007 03:29 PM)
CDOs explained: Eavis - Fortune (11/25/2007 05:30 PM)
Dollar Displaces Yen, Franc as Favorite for Funding Carry Trade - Bloomberg (11/25/2007 05:38 PM)
Derivative liquidity crisis ‘to continue’ - FT (11/25/2007 03:04 PM)

Carmakers face more pain to get back on right road - FT (11/25/2007 03:00 PM)
Freddie to raise $5 bln in preferred stock sale: report - Reuters (11/24/2007 08:27 AM)
Countrywide Woes Mount - New York Post (11/24/2007 08:38 AM)
Freddie and Fannie's Achilles' heel - Fortune (11/25/2007 05:49 PM)

In Europe, Weathering Credit Storm From U.S. - NY Times (11/24/2007 06:41 AM)
Yen Gains Versus 16 Major Currencies as Investors Reduce Risks - Bloomberg (11/24/2007 08:25 AM)
The dwindling dollar takes toll on Europe - UK Times (11/25/2007 06:41 AM)
UK manufacturing productivity outstrips global rivals - FT (11/25/2007 02:56 PM)

Krugman: Banks gone wild - IHT (11/25/2007 08:03 AM)
Wake up to the dangers of a deepening crisis: Summers - FT (11/25/2007 01:05 PM)
The next credit scandal: Eavis - Fortune (11/25/2007 05:32 PM)
Fortunes shift as oil prices soar - LA Times (11/24/2007 08:30 AM)
Blame the Borrowers? Not So Fast: Morgenson - NY Times (11/24/2007 07:17 PM)
A Time for Bold Thinking on Housing: Shiller - NY Times (11/24/2007 07:18 PM)