I ran into this plot of the S&P/Case-Shiller Index for various locations in the US on another blog tonight. It is a measure of average residential real estate prices, pretty dramatic huh? The most recent report of this index came last Monday which showed a 4.5% decline in home prices over the past year, this was the steepest decline in the history of the index. More on the worst housing market since the great depression here.Weekend links:
Wells Fargo risks its reputation by cutting corners
St. Louis Federal Reserve President Bill Poole on moral hazard
E*Trade asset firesale seen hurting Wall Street portfolios
Florida and Montana state investment pools are hemorrhaging
Florida schools struggle to pay teachers amid freeze
Abu Dhabi investment in Citigroup is 23B$ short of what they need
32 Million Americans could see a delayed tax refund in 2008
Consumer confidence plunges to the lowest level in four years
Stock market has it's best week in six months
Five things you need to know
I hate to sound so pessimistic, but the fact is that we are in a very depressing economic state and things seem to get worse as the days go by. In respect of all the bad news out there, Sarah Chang will perform this Saturday's rock blog, Zigeunerweisen:
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