Home foreclosures hit record; Dow loses 215, oil tops $105
CBS
Transcript
Home foreclosures are at an all-time high. The mortgage industry says over 900,000 homes were in foreclosure in the last three months of 2007. And more people are struggling to make payments. The number of borrowers who were 30 days late paying their mortgages rose to the highest rate in more than 20 years. On Wall Street, a sell-off picked up steam in the final hour of trading. In the end, the Dow lost 215 points. The Nasdaq closed off 52. Another day, another record for oil prices. Crude topped $105 a barrel after the U.S. dollar fell to a new low against the euro. Retailers reported mixed sales results in February. Walmart was one standout. Grocery, electronics and health products helped the retailing giant post solid sales, even beating Wall Street's expectations. But clothing retailers didn't fare as well. The Gap, Limited and Wet Seal were among the weak performers. The world has a new richest man. After leading the Forbes list of richest people in the world for 13 years, the Microsoft co-founder Bill Gates has been knocked down to number three. Billionaire investor Warren Buffett has claimed the top spot. He's worth some $62 billion. That's your Money Watch. Log on to CBSNews.com for more. At the New York Stock Exchange, I'm Alexis Christoforos. I'll see you next time. Have a great day.