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, the lowest since November and a third straight monthly fall.

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.

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 limit on the United States’ borrowing capacity is exhausted, putting in jeopardy payments on U.S. Treasury debt as well as paychecks for federal employees and soldiers.

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 probably represents the increasing cost of gasoline, said Silvio Tavares, senior vice president at First Data, the largest credit card processor.

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.

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 which began on Friday.

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 will push down prices.