Dow plunges 280; home prices post record quarterly decline

CBS News

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[Music] it was an ugly day on Wall Street stocks plummeted in the final minutes of trading on more bad news from the housing market and a big drop in consumer confidence the Dow plunged 280 points the NASDAQ tumbled more than 60 the recent stock market turmoil and the slumping housing markets send consumer confidence sliding this month to the lowest point in 2 years and in another hit for the housing market home values continue to decline a new survey from standard and pores found home prices fell more than 3% in the second quarter compared to last year that's the biggest decline in home prices on record getting the blame the largest glut of unsold homes on the market in 16 years and the New Jersey teen who hacked into the iPhone is trading it in for a new car 17-year-old George Hots reworked his iPhone so it could be used with cellular networks other than AT&T he struck a deal with a Kentucky phone company trading his modified iPhone in for a new Nissan and a job as a consultant at the company that's your money watch log on to cbsnews.com for more in New York I'm Alexis christopherus

Home resales fall 5th month; Dow dips 57, Nasdaq 15

CBS News

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[Music] housing and real estate worries continue to linger on Wall Street on Monday a dismal report on home resales undid the excitement we saw last week the Dow sank nearly 57 points while the NASDAQ lost 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 and pushing home prices lower for the 12th straight month later today we find out if the housing slump and credit crunch are affecting how we feel about the economy when Wall Street gets the latest figures on consumer confidence it has been a super good year at the box office thanks to movies like super bad and other late summer hits like Transformers and The Simpsons from May through this past weekend ticket receipts topped $4 billion for the first time ever making this a record Summer at the box office and ever wonder why can't seem to get anything done at the office well it could be because your co-workers are busy doing something other than work a new survey finds 45% of employees admit to falling asleep at work 22% say they spend time gossiping and 21% say they drink on the job men apparently waste more time than women 49% of guys say they sleep on the job compared to 35% of women that's your money watch click on cbsnews.com for the latest business headlines in New York I'm Alexis offer us