Foreclosures surge 90%; Dow plunges 129 on rate fears
CBS News
Transcript
[Music] more homeowners are being crushed by the crumbling housing market realy track says foreclosures Rose 90% in May from a year earlier as more homeowners fell behind on their monthly payments California Florida and Ohio had the most defaults as the Baby Boomers head into their 60s more expect to delay retirement longer than their parents or grandparents did experts say while better educated and with higher incomes today's Boomers have fewer children leaving them less help in their old age on Wall Street lingering concerns about higher interest rates continue to Rattle investors the DOW Industrials plunged 129 points the NASDAQ Composite down 22 you could soon be shelling out more bread for bread wheat prices hit a high for the Year this week after heavy rains threatened to damage an already suffering crop in the Midwest and corn prices continue to move higher on drought conditions in the Eastern corn Bel one analyst says the rain is falling in all the wrong places renting movies from Blockbuster is getting cheaper the movie rental chain has cut the cost of its most popular Mail Order Plan by a dollar a month as it tries to steal customers from rival Netflix that's your money watch be sure to log on to cbsnews.com for more in New York I'm Alexis christopherus