Home prices fall 16%; Ford spends $75M on plant
CBS
Transcript
your home isn't worth what it used to be home prices fell 16% in June compared to a year ago falling home prices make it more difficult for owners to tap their home equity or refinance their mortgages but lower prices enticed cautious hous Hunters to become home buyers in July sales of new homes unexpectedly Rose more than 2% lower gas prices over the past few weeks have Americans feeling a little better about the economy consumer confidence is slightly higher this month as falling prices at the pump put more money in consumers pockets and oil Traders have their eye on tropical storm Gustav they fear it could disrupt oil drilling operations in the Gulf of Mexico this weekend crude closed above $116 a barrel and that kept a lid on any stock market gains the DOW Industrials Rose 26 points but the NASDAQ fell three and Ford will spend $75 million to convert a Michigan truck plant into one for small cars the factory currently makes Ford Expedition in Lincoln Navigator SUVs but by 2010 it will only make the small fuel efficient Ford Focus us automakers have been scaling back production of trucks and SUVs as high gas prices push drivers into smaller cars that's your money watch click on cbsnews.com for more in New York I'm Alexis christopherus