Friday May 16 Housing and Economic stories

Top Stories:

US consumer confidence at lowest since 1980 - (www.ft.com) – The US consumers are no longer buying the bogus understated inflation numbers being provided by the government. US consumer confidence sank to its lowest level in 28 years this month as anxious shoppers grappled with surging food and fuel costs, according to a new survey published on Friday. The Reuters/University of Michigan consumer confidence index plunged from 62.6 to 59.5 in May, the lowest reading since June 1980.
Record condo numbers to saturate downtown area - (www.chicagotribune.com) - Nearly 6,000 condos, by far a record number, are expected to come on the market in downtown Chicago this year at a time when mortgages are tougher to get and sales have slowed dramatically, according to a report. Sales of newly built downtown condominiums plummeted by about 83 percent during the first quarter, to 201 units from 1,207 units a year earlier, according to a report to be released Wednesday by Appraisal Research Counselors.
Electricity retailer won't honor fixed-rate contracts - (www.chron.com)
Scenes of monkeys running around during the greatest housing crash in human history - (www.ml-implode.com) - The monkeys are "congress critters." Some good C-Span fodder.
Foreclosures moving up the Housing Chain - (www.ml-implode.com) - "The foreclosure signs that have been sprouting up in less-affluent communities since 2006 are beginning to appear in the well-o...
Is the Noose Tightening Around Countrywide? - (www.ml-implode.com) - "One of the reasons for Bank of America to walk from the Countrywide deal is the rising tide of legal costs and potential for si...
Democrats Face BAILOUT Backlash - (online.wsj.com) - Democrats may be risking a backlash at the polls in November by pushing hard to use taxpayer money to rescue homeowners who can no longer afford their mortgages in the face of stiff resistance from President Bush and many other Republicans.
FHA scam mortgages still happening at taxpayer expense - (msnbc.msn.com) - No down payment? No problem. Loophole still allowing risky mortgages by disguising money as a gift
Lehman to Cut 5% of Staff, Starting Next Week: Source - (www.cnbc.com)
'Stealth Layoffs' Sweep Across Wall Street - (www.cnbc.com)
Luxury Foreclosures - (www.washingtonpost.com)
Americans' money worries are growing, L.A. Times/(www.bloomberg.com) poll finds - (www.latimes.com)
Judge Says Countrywide Officers Must Face Suit by Shareholders - (www.nytimes.com)
Boone Pickens project buys 667 GE wind turbines - (www.chron.com)
Who Will Buy the Condos? - (www.chicagomag.com)
As Condo Dues Dry Up, The Neighbors Pay - (online.wsj.com)


Other Stories:

Goldman Forecasts $141 Oil For Second Half of Year - (www.cnbc.com)
Oil Soars to Record Near $128 Before Backing Off - (www.cnbc.com)

Barclays Profit Falls After $3.3 Billion Writedown - (www.ml-implode.com) - "Barclays Plc, the U.K.'s third-biggest bank, reported a drop in first-quarter earnings because of 1.7 billion pounds ($3.3 bill...
Sorry Greenspan, But I’m Not Seeing It - (www.ml-implode.com) - "According to Marketwatch yesterday, "Greenspan sees U.S. house price hit bottom in 2009". I think he’s seeing things. "
FHA Chief Criticizes Rescue Plan - (www.ml-implode.com)
Strength in Unity: PA Lenders Gateway and Arlington Unite - (www.ml-implode.com)
Flood of Foreclosures Prove Loan Modification Isn't Working - (www.ml-implode.com)
Food Stamps and The Un-Adjusted Economy - (www.ml-implode.com)
CDOs Flicker to Life With Babson, Deutsche Takeovers - (www.ml-implode.com)
Phoenix: April Home Sales Up But Median Down 21% - (www.ml-implode.com)
Freddie Mac Reports Better Than Expected First Quarter Results - (www.ml-implode.com)
For IndyMac, Another Ratings Cut; Capital Raise Looming? - (www.ml-implode.com)

U.S. Industrial Production Drops More Than Forecast as Consumers Cut Back - (www.bloomberg.com)
Manufacturing in New York Contracted in May, Orders Dropped - (www.bloomberg.com)
Food Costs Jump Most in 18 Years - (www.washingtonpost.com)
U.S. Initial Jobless Claims Rose to 371,000 Last Week - (www.bloomberg.com)
Manufacturing in Philadelphia Region Shrank in May - (www.bloomberg.com)
Inflation may be worse than consumer price index shows - (www.usatoday.com)

Is Debt Thaw on Borrowed Time? - (online.wsj.com)
Private equity: Year of the vulture - (money.cnn.com)
10 private-equity deals gone bust - (money.cnn.com)
Critics: SEC no match for investment banks - (www.financialweek.com)
Rate rise flattens money funds - (www.financialweek.com)
Hedge Funds Under Scrutiny - (www.forbes.com)
Paulson Should Act to Stop Dollar Slump - (www.bloomberg.com)
Gaffe reveals English ministers' fears of housing slump - (www.independent.co.uk)

Fast-Rising Steel Prices Set Back Big Projects - (online.wsj.com)
FedEx and UPS Still Wait For Recovery to Arrive - (online.wsj.com)
WaMu COO: We're Not Done Hemorrhaging - (www.thestreet.com)
GE could sell appliances unit - (www.ft.com)
Barclays Profit Falls After $3.3 Billion Writedown - (www.bloomberg.com)
Jack in the Box shares tumble on revised outlook - (www.latimes.com)
Sony has 4Q profit, but expects decline this year - (www.chicagotribune.com)
Distressing time for furniture retailers - (www.latimes.com)
Guilty plea in Monterey house-sale scam - (www.montereyherald.com)
Housing market flooded by sellers - (www.reportonbusiness.com)
House Price Erosion Will Continue - (www.seekingalpha.com)
What Garage Sales Tell Us About Our Economy - (www.thetrumpet.com)

China's fixed-asset investment steams ahead 25.7% - (www.marketwatch.com)
European Expansion Accelerates More Than Forecast - (www.bloomberg.com)
Japan's machinery orders fall in March - (www.latimes.com)
Petrobras Hires 80% of Deepwater Drilling Rigs, Drives Up Costs - (www.bloomberg.com)
England Q1 housing starts down 24 percent year-on-year - (www.forbes.com)
New Zealand Spending Report Another Sign Economy Has Contracted - (www.bloomberg.com)
Keep hold of the basic rules of finance - (www.ft.com)

California Prices Still Plummeting - (patrick.net)
House prices Keep Getting Better For Patient Buyers - (biz.yahoo.com)
No inflation if you don't eat or drive - (money.cnn.com)
US foreclosure filings surge 65 percent in April - (news.yahoo.com)