Wednesday February 27 Housing and Economic stories

Top Stories:

Yes, there is no inflation as US Government inflation CPI status show between 3 – 4 % J
· Dollar Falls to Record Low of $1.50 per Euro on Rate Outlook - (www.bloomberg.com) – while the Fed devalues the US Dollar, all commodities are hitting all time record highs
· Oil Rises Above $100 to Record Close A(www.ft.com)er the Dollar Declines - (www.bloomberg.com)
· Wheat Breaches $12 for First Time A(www.ft.com)er Biggest Gain Since 2002 - (www.bloomberg.com)
· Healthcare bills may hit $4 trillion by 2017 - (www.boston.com)
· U.S. Consumer Confidence Declines to Five-Year Low - (www.bloomberg.com) – Obviously, the consumer is feeling the inflation and home price declines

And our politicians continue to pitch and endless array of bailouts:
· States May Seek Congress's Aid as Subprime Fallout Boosts Costs - (www.bloomberg.com)
· Aid on home loans sought - (www.latimes.com)
· After subprime debacle, U.S. wrestles with question of bank bailouts - (www.ml-implode.com)
· Ambac Rescue Involves Others Besides Exposed Banks - (www.ml-implode.com)

California City Moves Closer to Bankruptcy Protection Filing - (www.bloomberg.com)
MBIA Freezes Structured Finance Business, Wipes Dividend - 'Talk about putting a market into the deep freeze. MBIA Inc., the nation’s largest bond insurer and one of the giants in the mor... - (www.ml-implode.com)
Home prices plunge at record rate in 2007: S&P - (www.bloomberg.com)
Bank Profits Plunge 84 Percent in 4Q - (www.ap.com)
Idaho home foreclosures up 92 percent from January 2007 - (www.idahostatesman.com)
Another Off-Balance Sheet Time Bomb: VIEs - 'Despite the sudden flurry of worry in the press, triggered by the release of Citigroup's 10K, VIEs, or variable interest entiti... - (www.ml-implode.com)
Countrywide Puts an End to Ski Junket - (www.nytimes.com)
Existing House Sales "Slipped" 23.4% - (seekingalpha.com)
Borrowers Are Out In the Cold - (www.newsweek.com)
Commentary: Not Your Garden Variety Foreclosures - 'GEA poses an interesting question as to whether the FICO system has lost its mind or if maybe there’s a larger issue at work. A... - (www.ml-implode.com)


Other Stories:

Diebold Accidentally Leaks Results Of 2008 Election Early - This is hysterical:or not - (www.ml-implode.com)
Countrywide Eliminating the Option ARM? - (www.ml-implode.com)
Treasury Notes Rise as Consumer Confidence, Home Prices Fall - (www.bloomberg.com)
U.S. Home Foreclosures Jump 90% as Mortgages Reset - (www.bloomberg.com)
Jackson House To Be Auctioned - (www.ml-implode.com)
Fitch Downgrades $8.1 Billion from 10 Ameriquest Subprime RMBS Deals - (www.ml-implode.com)
Fresh doubts arise over Fed tactics - (www.ft.com)

S&P/Case-Shiller Home Prices Fell 9.1% in December - (www.bloomberg.com)
Kohn Says Slow Growth `Greater Threat' Than Inflation - (www.bloomberg.com)
Home Prices in Government Index Fall Most Since 1991 - (www.bloomberg.com)
C.A.R. Reports Sales Decrease 29.8 Percent, Median Home Price Falls 21.9 Percent - Newsobserver.com
No end in sight: Housing in freefall until credit loosens - (www.iht.com)
Gradual house price drop is good: Shiller - (www.reuters.com)
Orange County Prices Continue To Drop - (www.ocbj.com)
Existing House Sales Decline - (www.sfgate.com)
Existing house sales slip and prices tumble - (www.reuters.com)
A sobering 12-step scenario - (www.financialweek.com)
The Credit Crunch Explained - (www.irvinehousingblog.com)

The Ben Bernanke Show - (www.forbes.com)
Foreign Funds Face Scrutiny - (online.wsj.com)
Steel to plastics price rises start to hurt industry - (www.ft.com)
Home Depot Fourth-Quarter Profit Falls on U.S. Housing Slump - (www.bloomberg.com)
Citi's Hits: 15 Times $100 Million - (online.wsj.com)
Nordstrom Bracing for Tough 2008 - (www.chicagotribune.com)
Ford Is Pushing Buyouts to Workers - (www.nytimes.com)
Visa proposes largest IPO in U.S. history - (www.chicagotribune.com)
Fears that $3bn may not be enough to save Ambac - (business.timesonline.co.uk)
Scripps shutters Albuquerque Tribune amid slowdown - (www.reuters.com)
House Resales Fall to Nine-Year Low - (www.bloomberg.com)
House Resales and Prices Decline - (www.nytimes.com)
Still Pretending - (jameshowardkunstler.typepad.com)
Mortgage Crisis Triggers Walk Aways - (www.joelkotkin.com)
NY attorney general near Fannie, Freddie deal - (www.reuters.com)
Germany's Ifo business sentiment index posts unexpected rise - (www.marketwatch.com)
AAA Oligopoly - (online.wsj.com)
Fear sends credit spreads soaring - (theaustralian.news.com.au)
The Un-Credible Fed - (www.minyanville.com)