The S&P/Case-Shiller 10-City Home Price Index decreased 2.1%  percent in October, following a 1.9% decrease in September and fell 19.1% over the year, which is a record annual decline.  The S&P/Case-Shiller 20-City Home Price Index decreased by 2.2% in October and decreased by 18 % over the year, also a record annual drop.  Home prices have retrogressed to 2004 levels.  All of the 20 cities in the composite have continued to exhibit negative annual declines and monthly drops, while the severest declines were located the Sunbelt with indication the Pacific Northwest and Mid-Atlantic South is not immune to the overall demise in the housing market.  Over the month, Detroit showed the largest monthly change by 4.5% (year over year drop of 20.4%).  Over the past year, Phoenix has decreased the most, by 32.7%, contributing were a 3.3% drop in October and

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The biggest proposed leveraged buyout in Canadian history has finally come to an end, with telecom giant BCE failing to met the solvency requirements. The collapsed deal, plus problems with a bailout of the auto sector in the United States, put a damper on the big board stocks during Thursday trading on the Canadian markets. For the tale of the tape, the TSX Exchange slumped 2.8%, while the TSX Gold Index gave back 3.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 1.12% with the advancing issuers beating out the decliners by a 424 to 416 margin on volume of 238 million shares traded.

Iamgold went shopping and picked up Orezone Resources (AMEX:OZN) in an all stock deal valued at C$139 million. Of interest to Iamgold is the advanced Essakane project in West Africa where full production is expected to begin in 2010. Iamgold ended the day

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I've got to head out the door to Phoenix in a minute so just a short one here and I'm not taking the time to check the spelling of span style="font-style: italic;"morte/span.br /br /There were some concerned comments left overnight about the bailout flushing. Certainly I am surprised the bailout did not pass and I am not sure whether TARP money will somehow be allocated or not but the day appears like it will be ghastly.br /br /Someone asked about whether to go to cash. So is it a good idea to panic along with everyone else? Is that ever a good idea? If you have not raised any cash months ago then I'm not sure what to say. The news is bad but for now this is consistent with a stumble along the bottom. The news now is the bailout but it could have been something else.br /br /We'll ...

a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_T9VXVyuEITg/STtlkEBkX0I/AAAAAAAAAmM/1FYndgjniZU/s1600-h/oilderrick.jpg"img style="float:right; margin:0 0 10px 10px;cursor:pointer; cursor:hand;width: 213px; height: 320px;" src="http://2.bp.blogspot.com/_T9VXVyuEITg/STtlkEBkX0I/AAAAAAAAAmM/1FYndgjniZU/s320/oilderrick.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5276923058624683842" //abr /Oil may break through $40 a barrel, since it is skirting very close to that price and has traded as low as $40.81. Recently, I wrote about the trucking and package delivery a href="http://stockerblog.blogspot.com/2008/12/stocks-which-benefit-from-low-oil.html"stocks which could benefit from lower gasoline prices/a.br /br /With the price of oil and natural gas tanking, investors are now looking closely at the utility stocks that use oil and gas as a major fuel source of their electrical generation. Hopefully, the cost savings for these companies will pass through to the bottom line long before the Utilities Commissions implement rate reductions. br /br /Pinnacle West Capital Corp. (PNW) has one of the heaviest exposures, with 24% of their electric energy coming from oil and natural gas. About 35% comes from coal and 21.5% from nuclear. This ...

a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_7ZckZ-8naz0/STV60-1PaNI/AAAAAAAACOQ/IJEeSbGqcdY/s1600-h/Roger+and+the+dogs.jpg"img style="margin: 0pt 10px 10px 0pt; float: left; cursor: pointer; width: 400px; height: 300px;" src="http://2.bp.blogspot.com/_7ZckZ-8naz0/STV60-1PaNI/AAAAAAAACOQ/IJEeSbGqcdY/s400/Roger+and+the+dogs.jpg" alt="" id="BLOGGER_PHOTO_ID_5275257589172496594" border="0" //aWe flew back to Phoenix last night and are driving home to Walker this morning. Regular blogging to resume tomorrow.br /br /In the mean time how about a reader inspired debate?br /br /Is the US treasury market a bubble (or anyone word that describes excess)?br /br /The picture of Trixie, Pee Wee and Cappi was from before we left.

The United States housing market, which has been the main cause of the financial crisis, remains in the doldrums.

Figures released in the US last night show that the S&P/Case-Shiller Home Price Index, which is the most widely used measure of house prices, declined by a further 1.8% in September.

The index, which measures prices in 20 large cities, was down 17.4% on a year on year basis and 21.8% from its July 2006 peak.

Housing markets throughout the US are very mixed with conditions in Southern California, Nevada and Florida particularly depressed while markets in Texas and a number of the northern states are holding up.

The worst performing markets over the past twelve months, in terms of prices, have been:

Phoenix, Arizona -31.9% Las Vegas, Nevada -31.3% San Francisco, California -29.5% Miami, Florida -28.4% Los Angeles, California -27.6%

The best have been:

Dallas, Texas -2.7%

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The U.S. Federal Reserve and Treasury Department announced yesterday (Tuesday) $800 billion worth of stimulus measures to rev up three primary engines of the U.S. economy – homebuyers, consumers and small businesses.

This newest economic infusion follows a $700 billion banking system bailout package that was unveiled in late October. At least half the cash has been injected directly into U.S. banks and insurance companies, firing off a flurry of takeover deals – with more expected to come. And it precedes an anticipated package being designed by the new economic team that’s been assembled by President-elect Barack Obama. That package is still in its formative stages, but estimates of its ultimate size range from $500 million to $1.2 billion.

The $800 billion package unveiled by the Fed and Treasury Department yesterday consisted of several parts.

In one statement, the Fed announced it would purchase as much as $500

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The residential real estate sector is in shambles and, some economists say, will not recover until the end of 2010, at the earliest. Now it looks like commercial real estate may be the next block to fall in our “Jenga economy.”

On November 19, bonds and stocks backed by commercial real estate loans plummeted on investors’ fears the struggling U.S. economy might lead to a wave of defaults.

Big real estate companies suffered big losses: shares of Simon Property Group, the top U.S. mall operator, declined 13%; Boston Properties Inc., owner of skyscrapers and office buildings in key U.S. markets, fell 12.1%.

General Growth Properties Inc., which owns more than 200 mall properties throughout the United States, is teetering on the brink of annihilation. If the flailing company can’t come up with the $958 million of its debt that is now due, and the $3.07 billion due next year, it will have

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Expect more pain in the housing market next year, says Don Miller. Rising unemployment will keep the foreclosures coming. And as the backlog of inventories swells, Don says homebuilders still look ripe for shorting in this environment.

This from Money Morning:

The U.S. housing market is already being pounded by the “perfect storm.” And the outlook for the New Year is for the stormy weather to continue – and probably to get worse.

As if a locked-up credit market and tidal waves of foreclosures weren’t already enough, we’re now watching unemployment climb and consumer confidence plunge.

But even when the housing market is taking on water, there are ways to stay afloat. Indeed, investors nimble enough to maneuver can even make money.

The watchword on this market, though, is caution.  If an investor decides to test the waters, beware of the extraordinary financial undertow.

Here’s a look at what’s happening now, and

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Today before the opening bell, Tri-Star Holdings announced that the company has planned out its order of mining operations to advantageously and cost-effectively expand its metals recovery efforts in Arizona, Nevada and Idaho. The company also stated that representatives have successfully refined gold from its 25 acre gold mine claim on the Hassayampa River with small-scale processing equipment. Operations will continue to be expanded at the Wickenburg claim until full-scale production is reached.

The initial small-scale operations will continue to be established at the COS #1, and Cos #2 claims and then the Lucky Linda #1 claim in Nevada. According to CEO Anthony Mellone, the Company’s Board of Directors and Chief Geologist agree that it is in the best interest of the company and its shareholders to progress in this order to maximize profitability. They believe the Wickenburg site’s ease of accessibility will produce

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