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"All the sales and inventory data that have been reported since January 2007 are being downwardly revised. Sales were weaker than people thought," NAR spokesman Walter Malony told Reuters. "We're capturing some new home data that should have been filtered out and we also discovered that some properties were being listed in more than one list."
The benchmark revisions will be published next Wednesday and will not affect house prices.
Early this year, the Realtors group was accused of overcounting existing homes sales, with California-based real estate analysis firm CoreLogic claiming sales could have been overstated by as much as 20 percent.
Italy paid a euro era record yield of 6.47 percent to sell five-year paper at its first auction of longer-term debt after the EU moved towards greater fiscal integration at last week's summit, but failed to convince markets it can solve the debt crisis.
The average yield at Wednesday's sale compares with an auction rate of 6.29 percent Italy paid a month ago, which was also a euro lifetime record high.
Rome sold 3 billion euros of the Sept. 2016 BTP bond, the top of an unusually small range of 2 billion to 3 billion euros for the sale.
Italy has trimmed the size of its auctions in reaction to market pressure but it will have to step up issuance in coming months if it is to meet a gross funding goal of around 440 billion euros next year.
Originally posted by marg6043
reply to post by MasterGemini
They didn't not made an error, they knew exactly what they were doing, they are nothing but crocks, they did it to avoid devaluation of properties.
America the land of the most crocked capitalist in the world.
Fast forward to the action yesterday where gold finally, after one full year, broke the 150 DMA on a closing basis. This puts the 200 DMA in play before year end and indicates not a failure in gold as a safety play, but in fact that once again the world’s central banks are unable to cope with a coming financial crisis which in fact will be worse than the 2007-2009 time period. The financial equities, bond markets, and gold are all indicating another short term deflationary episode is about to impact world economies, this time originating in China and Europe. The resulting break in gold prices should provide a correction to first $1480 as initial support and if there is a 30-35% correction the $1280 price area:
Big Oops out of Bloomberg:
- GREEK CREDITOR COMMITTEE SAID TO BE NEAR HIRING BLACKSTONE
- GREEK CREDITORS SAID TO WORK WITH WHITE & CASE, ALLEN & OVERY
- GREEK CREDITOR COMMITTEE MAY FORMALLY HIRE BLACKSTONE THIS WEEK
Is that how it begins - with an involuntary filing of bankruptcy by an ad hoc committee of creditors?
With speculation building up all morning that the French AAA rating will be momentarily gone, following a statement by France's Juppe that the loss of AAA would not be "cataclysmic", it was up to the S&P itself to leak the rumor which unleaked the previous rumor, and told the WSJ that it has not informed the French government of its rating intentions. The result: EURUSD soars by 40 pips on this absolute non-news, which does nothing but buy at best a 24 hours respite from the inevitable. Furthermore, the S&P has no statement at all if and how many Congressmen, and Nancy Pelosi of course, do know what S&P's intentions are and are already trading appropriately. We expect this momentary bump in risk to be unwound in seconds.
Fitch Ratings downgraded its credit ratings on five major European commercial banks and banking groups Wednesday as part of a broader review of its ratings on the largest banks in the world.
In a press release, the rating firm said it downgraded Banque Federative du Credit Mutuel, Credit Agricole, Danske Bank, OP Pohjola Group and Rabobank Group.
The firm said the downgrades reflect the "broader phenomenon of stronger headwinds facing the banking industry as a whole. Exposure to troubled euro zone countries through their subsidiaries was a direct consideration in the downgrades of Danske Bank and Credit Agricole."
For the other banks, Fitch said the crisis had "negative indirect consequences."
Capital markets, "in particular interbank markets, are not functioning effectively, and, along with more global factors, the crisis is driving economic slowdown," according to Fitch.
Originally posted by dawnstar
reply to post by DangerDeath
they should start investing in food, and whatever else they would normally buy...
ya know buy today, what you would be buying tomorrow, because welll, tomorrow, you might be paying twice as much!!!
of course, the rich bankers might want to invest in a security team to keep them and their money safe!!!
Squeezed by rising living costs, a record number of Americans -- nearly 1 in 2 -- have fallen into poverty or are scraping by on earnings that classify them as low income.
"Safety net programs such as food stamps and tax credits kept poverty from rising even higher in 2010, but for many low-income families with work-related and medical expenses, they are considered too `rich' to qualify," said Sheldon Danziger, a University of Michigan public policy professor who specializes in poverty.
"The reality is that prospects for the poor and the near poor are dismal," he said. "If Congress and the states make further cuts, we can expect the number of poor and low-income families to rise for the next several years."
France stokes eurozone row with call for UK credit downgrade
Fillon Raps Ratings Firms Over U.K.
Barclays, Goldman Sachs and Deutsche Bank are among banks downgraded, according to ratings firm Fitch.
Fitch has downgraded six of the world's largest banks, citing the challenging financial markets.
The banks include Bank of America and Goldman Sachs in the US, the UK's Barclays and France's BNP Paribas.
Germany's Deutsche Bank and Switzerland's Credit Suisse were also cut.
Fitch cut the "issuer default ratings" at the banks, which "reflect the ability of an entity to meet financial commitments on a timely basis".