Pending home sales hit record low; oil falls to $136
CBS
Transcript
the latest snapshot of the housing market is worse than expected in May homes under contract dropped by 4.7% it was one of the weakest readings on record and the FED is stepping in to protect home buyers in a speech Tuesday Federal Reserve chairman Ben Bernan said the FED plans to issue new rules aimed at protecting future home buyers from Shady lending practices he also said Congress should consider giving the FED broader power to oversee financial markets oil prices are sharply lower for a second day in a row closing at around $136 a barrel the strengthening dollar has helped push prices down but some analysts warned the drop is just temporary still the lower prices helped fuel a late day rally on Wall Street the Dow gained 152 points and the NASDAQ was up 51 Texas oilman T Boon Pickins says he can solve America's dependence on foreign oil he's funding a giant campaign to focus the US on developing renewable energy resources he plans to build an enormous Wind Farm stretching from Texas to the north and he's ready to invest his own billions in the project that's your money watch log on to cbsnews.com for more in New York I'm Allison haralan