Home resales fall fifth straight month; glut hits 16-year high

CBS News

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[Music] another dismal report on the housing market added to investors fears about the subprime mortgage debacle and stocks moved lower the DOW Industrials tumbled nearly 57 points while the NASDAQ composit slid 15 the mess in the mortgage industry continues to the housing market Nationwide home resales fell in July for the fifth straight month pushing the glut of unsold homes on the market to the highest level in 16 years that's pushing homeowners to lower their asking price for the 12th straight month home prices fell the median price Nationwide now $230,000 that's down more than half a percent in just the past year Yahoo is introducing new email features that include software that will let you type text messages on a keyboard and send them right to someone's cell phone Yahoo says the changes will make it easier to send email instant messages or text messages and Duncan Donuts is going on a diet announcing plans to switch to zero trans fats by mid- October Duncan donut says it's reformulated more than 50 menu items using an alternative cooking oil that blends Palm soybean and cotton seed oils Baskin Robbins which is owned by Duncan Brands will eliminate trans fats from its menu by January 1st that's your money watch click on cbsnews.com for more in New York I'm Alexis christopherus

Dow surges 143 on home sales jump; hopefuls court Google donors

CBS News

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[Music] we'll see if the housing market can help keep the rally alive on Wall Street real estate will retake the spotlight when we find out how home resales fared in July a surprise jump in new home sales helped keep investors in a buying mood Friday when the Dow rocketed 143 points the NASDAQ raised ahead 35 and will see if concerns about the credit crunch have spooked Americans when we get the latest reports on consumer confidence and sentiment Wall Street will also be waiting for earnings news this week from a slew of companies including Dell and Daimler Chrysler Google headquarters is fast becoming the destination for presidential hopefuls a new report finds that Hillary Clinton Barack Obama Bill Richardson John McCain and Ron Paul have all made fundraising appearances at the internet search Giants Corporate Offices Paul reportedly got over $3,000 from Google employees while Clinton got 10 times that amount political donations from computer and internet employees top two $2 million in the first half of this year and General Motors is looking at older technology to boost fuel efficiency the automaker has unveiled two concept cars with new gas engines that work like diesel GM claims the cars will get 15% better fuel economy but will not require the expensive exhaust treatment that diesel engines do that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus