Dow Takes Big Dip
CBS
Transcript
now to the economy and the news is not good also Wall Street is waiting for the next shoe to drop early show National correspondent Jeff Gores of the New York Stock Exchange with the latest Jeff good morning hey Russ good morning to you yeah new numbers out this morning on foreclosure filings they Rose 14% in the second quarter 740,000 homes it's an increase of 121% from the year earlier this is not good news for the housing market and this came on top of a terrible report yesterday sales of existing homes fell more Sharp ly than expected the worst situation there in 10 years the National Association of Realtors says sales dropped by 2.6% last month to an annual rate of 4.86 million homes this led largely to the Dow's big dip yesterday down 280 points about 2% and the Nik Japan's Nik also down about 2% overnight and it wasn't just home sales here jobless claims increased by 34,000 to 406,000 last week also more than expected so not much to be encouraged about right now as we close another week here on Wall Street most economists pointing to at least early next year before either the housing or jobs situation improves Russ all right Jeff happy Friday to you too thanks a lot we'll see you later