We now know that for now, Countrywide is safe. Of course to do that, America's financial juggernaut further endebted us to do so, but the credit situation seems to be impacting the economy.

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Home prices take a second-quarter plunge, reports show, and consumer confidence is also falling. Stocks close sharply lower.
By Annette Haddad, Los Angeles Times Staff Writer
1:29 PM PDT, August 28, 2007
U.S. consumer sentiment took its sharpest plunge in nearly two years in August, and home prices declined at their fastest pace in two decades in the second quarter, according to reports that show the housing slump starting to weigh on the economy.

The weak economic news triggered a sell-off on Wall Street, where the Dow Jones industrial average closed down 279.88 points, or more than 2%, to 13,042.25. The Nasdaq, S&P 500 and other major financial indexes also closed sharply lower.

Home prices dropped 3.2% in the second quarter compared to the same period last year, according to the S&P/Case-Schiller quarterly index, which tracks price trends among existing single-family homes in key U.S. markets. It was the worst decline in the 20 years since the index was inaugurated.

"The pullback in the U.S. residential real estate market is showing no signs of slowing down," said Robert Shiller, chief economist at MacroMarkets, a division of Standard & Poor's that compiles the index.
Los Angeles Times

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