The crisis in the US housing market risks spreading to the whole of the nation's economy, European Central Bank chief Jean-Claude Trichet said Monday on behalf of world central bankers.
http://tinyurl.com/3cno97
Banks face 10-day debt timebomb
Britain's biggest banks could be forced to cough up as much as £70bn over the next 10 days, as the credit crisis that has seized the global financial system sparks a fresh wave of chaos.
http://tinyurl.com/2onctk
US home foreclosures soar 36 percent in August: survey
Home foreclosures in the United States surged 36 percent in August from the prior month and more than doubled from a year ago, a leading foreclosure data firm said Tuesday.
http://afp.google.com/article/ALeqM5gQl8aUMHEtStO2_q8ZUy-ArN826w
Prepare for prolonged turmoil, says US Treasury Secretary
Investors should brace themselves for a prolonged period of market turmoil, Henry Paulson, the US Treasury Secretary, said yesterday as he held emergency meetings with the Chancellor and the French Finance Minister.
http://snipurl.com/1qvt4
From Information Clearing House
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Big Houses Are Not Green: America's McMansion Problem
On AlterNet.org, Stan Cox says: "The just-popped housing bubble has left behind a couple of million families in danger of losing their homes to foreclosure. It has also spawned a new generation of big, deluxe, under-occupied houses bulked up on low-interest steroids."
http://www.truthout.org/issues_06/091007EC.shtml
http://freepage.twoday.net/search?q=housing
http://freepage.twoday.net/search?q=foreclosure
http://freepage.twoday.net/search?q=US+economy