Word: downturns
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...number of homes on the market up 19% from a year ago, buyers (finally) hold the best cards. To play them, start entertaining all the offers homebuilders and real estate agents are hurling your way. How about a finished basement? Or having the seller pay your closing costs? The downturn has yielded less obvious opportunities too. John Mead, a teacher in Calhoun, Ga., paid $120,000 for the three-bedroom house he found on Foreclosure.com a solid $40,000 less than similar offers he was considering from people not as desperate to sell. (Don't feel guilty about buying...
...downturn in sunny San Diego that poses the far bigger risk to the U.S. economy. Detroit, Cleveland and some smaller Rust Belt cities are experiencing a traditional bust, in which economic woes spread to housing. In San Diego, the housing decline seems to be a self-generated phenomenon, the product of too-high prices and too-crazy lending practices. Now the "housing market is dragging down the rest of the economy," says Alan Gin, an economist at the University of San Diego. The same is true in and around Los Angeles, San Francisco, Phoenix, Las Vegas, Miami, Washington, New York...
...loss represented a 1 percent decrease for the endowment, based on Tuesday's figures. But even with a downturn in the market in July, when the Standard & Poor's 500 index fell by 3.1 percent, El-Erian said that the endowment showed a monthly gain of .4 percent largely because of the new risk management strategies in place...
...stock market's worst month in three years. But the events of the last few days of July felt more ominous and potentially earthshaking than that would indicate. Everybody could see the stock downturn--a couple of sharp drops followed by what looked to be directionless confusion. Yet the sharpest tremors were felt behind the scenes, in the shadowy worlds of private-equity and hedge funds...
...level since the 1960s, rising interest rates will hit pocketbooks hard. The CBI, a business lobby group, expects consumer spending to grow 2.8% this year. Next year, it says, that figure could slip to 2.1%. Economic growth won't escape unharmed, either. The threat of rising rates triggering a downturn is "greater today than it has been in the 10 years Labour have been in power," says Adrian Cooper, managing director of consultants Oxford Economics. So while economists are penciling in growth of 2.7% this year, expansion in 2008 could tumble to 2% says Karen Ward, U.K. economist at HSBC...