Road to Depression

Hope dampened for U.S. housing market!

VANCOUVER, British Columbia, Canada - July 21, 2011 - Sales of previously owned U.S. homes hit a seven-month low in June as demand for condominiums fell and contract cancellations surged, dampening hopes the distressed housing market was starting to improve.

The National Association of Realtors said Wednesday sales fell 0.8% last month from May to an annual rate of 4.77 million units

Road to Depression

Greece to default even though eurozone agrees to another bailout!

LONDON, England - July 21, 2011 - Greece is set to lead the eurozone's first-ever default as European leaders agreed that the private holders of Greek debt will take a hit of 50 billion euros over three years.

Road to Depression

Standard & Poors talks of possible U.S. downgrade!

NEW YORK - July 21, 2011 - Standard & Poor’s reiterated on Thursday it sees a real risk that future U.S. government deficits may meaningfully miss discussed targets and that there is a 50-50 chance the U.S. AAA credit rating could be cut within three months, perhaps as soon as August.

The deficit reduction debate is coming up against an August 2 deadline when the US $14.3 trillion

Road to Depression

U.S. consumers relying on credit for basic necessities!

NEW YORK - July 21, 2011 - Consumers in the U.S. are increasingly using credit cards to pay for basic necessities as income gains fail to keep pace with rising food and fuel prices.

The dollar volume of purchases charged grew 10.7% in June from a year ago, while the number of transactions rose 6.8%, according to First Data Corp.’s SpendTrend report issued this month. The difference

Road to Depression

Borders liquidation costs 10,700 jobs!

NEW YORK - July 18, 2011 - Borders Group will liquidate its remaining assets after efforts to find a buyer fell through, the bookstore chain announced Monday.

The nation's second largest bookseller, which filed for bankruptcy protection earlier this year, currently operates 399 stores and employs approximately 10,700 workers.

Road to Depression

Gold soars above 1,600 dollars per ounce for first time ever!

NEW YORK - July 18, 2011 - The price of gold surged on Monday above $1,600 per ounce for the first time in history, as investors bought the safe-haven metal amid deepening debt worries in the eurozone and the United States.

Gold jumped as high as $1,600.10 an ounce in early morning trading on the London Bullion Market, as the precious metal extended its recent record-breaking surge w

Road to Depression

Economist forecasts 20 percent further drop in housing prices!

NEW YORK - July 15, 2011 - When will we reach bottom in the housing market? With lenders filing foreclosures more slowly and an excess inventory of homes, housing prices could fall another 20% next year, according to one economist.

Gary Shilling, one of the economists who predicted the subprime mortgage crisis, says the "depressing effect" of 2-2.5 million homes in excess inventory w