RealtyTrac: Foreclosures up 165 percent in Florida
Nationwide, there were more than 224,000 properties in foreclosure, or one for every 555 households. Filings were up 94 percent from October of last year and up 2 percent from September.
Though the filings continue to increase, RealtyTrac said there is some evidence that conditions are improving.

Quick Overview

• U.S. Personal incomes rose 0.2% in October.
  Personal consumption expenditures rose 0.2% in October and 1.9% YoY.
  

• The Federal Reserve would not hesitate to act to prevent financial strains from damaging the economy and any steps it does take are not made to shield investors, a top Fed official said on Friday.
  
  

• U.S. Construction spending fell 0.8% MoM and 0.6% YoY.
  

• The Chicago purchasing managers index rose from 49.7 to 52.9, stronger than expected
  
  

• Moody's downgraded or put on review debt totaling $119 billion that was issued by SIVs, including some tied to Citigroup.
  

• Congress may legislate a boost in fuel-economy standards to 35 miles a gallon by 2020.
  

• GDP in Canada rose 0.7% in the third quarter and 2.9% YoY.
  

• Japans consumer prices rose 0.3%
  Japans unemployment rate unchanged at 4% in October and
  Japans household spending rose 0.6% in October.
  Japans housing starts fell 35% YoY
  

• GDP in the euro zone rose 2.7% YoY
  

• Retail sales in Germany fell 2.7%
  

• GDP in India rose 8.9%.
  

• The International Cocoa Organization estimates the 2006-2007 estimate of world cocoa ending stocks at 1.6 million tons or 44% of annual use.
  

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• The Fed’s Bernanke said, in prepared comments that financial-market turmoil may put additional strain on the U.S. economy, signaling he is open to cuts in interest rates.
  

• QoQ U.S. GDP rose at an annual rate of 4.9%, the best quarterly performance in four years. YoY GDP rose 2.8%,
  

• The U.S. GDP price deflator rose 0.9% in the third quarter.
  

• The U.S. Census Bureau said that new home sales rose 1.7% from September's pace. YoY new home sales are down 24%.
  

• The Federal Reserve will act to protect the wider economy from financial turmoil but not to shelter individual investors from losses.
  
  

• Industrial production in Japan rose 1.6% -- a new record high.
  

• Housing prices in the U.K. fell 0.8% in November,
  

• GDP in the Philippines rose 6.6% in the third quarter.
  

• The U.S. Energy Department said that underground supplies of natural gas were down 12 billion cubic feet last week to 3.528 trillion cubic feet.
  

Deadbeat Developers Signaled by Property Derivatives (Update2) The cost of derivatives protecting investors from defaults on the highest-rated bonds backed by properties more than doubled in the past month, according to Markit Group Ltd. Prices suggest traders anticipate defaults rising to the highest level since the Great Depression, according to analysts at RBS Greenwich Capital in Greenwich, Connecticut.

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• The Dow-Jones industrial average had its biggest two-day rally in five years after a Federal Reserve official hinted that the central bank may lower interest rates again.
  

• The National Association of Realtors said that existing home sales fell 1.2% in October and 20.7% YoY. The median home price fell 5.1% YoY.
  

• U.S. Durable goods orders fell 0.4% in October. Excluding transport, orders fell 0.7%.
  

• The Federal Reserve's Beige book said that reports on retail spending were lackluster and real estate remained depressed.
  

• Japan retail sales rose 0.8% YoY.
  

• The U.S. Department of Energy said that:
  Supplies of crude oil fell 400,000 barrels to 313.2 million barrels.
  Supplies of gasoline rose 1.4 million barrels
  Supplies of heating oil supplies rose 1.3 million barrels.
  Refinery use rose from 87.0 to 89.4%.
  Gasoline demand rose 0.4%
  Distillate demand rose 3.7%.
  

• Argentina closed down wheat exports for five days to protect domestic supplies.
  

Foreclosures will hurt metro economies, mayors warn
The deepening housing crisis will cut economic growth by more than 25 percent in 143 U.S. metropolitan areas next year and by more than a third in 65 metro communities, according to a new forecast for the U.S. Conference of Mayors.
The new report prepared for the mayors by financial forecaster Global Insight warns of cascading problems caused by falling home prices, an expected 1.4 million foreclosures and the pending reset of millions of adjustable-rate mortgages.

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• The Dow industrials rose 215 on Citigroup's cash infusion from Abu Dhabi, and a more than $3 break in oil. Middle Eastern and Asian investment funds have invested an estimated $37bn in shares of western financial companies so far this year.
  

• U.S. Home prices fell 4.5% in the third quarter from a year earlier
  

• The Conference Board's index of consumer confidence fell from 95.2 to 87.3, the lowest score since Hurricane Katrina.
  

• Business confidence in Germany rose from 103.9 to 104.2 in November, stronger than expected
  

• YoY GDP in South Africa rose 4.7%
  

• Rumors have it that OPEC may increase daily production by 500,000 barrels when they meet on December 5th.
  

• The USDA expects Colombia's coffee production to increase from 12.2 to 12.4 million bags in 2007-2008.
  

• China's National Grain and Oil Trade Center sees a 2007 grain and oilseed supply shortfall of 26 million tons.

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• U.S. interest rate futures hit new highs, and stocks fell in the face of widening problems in credit markets.

U.S. Sales Rose 8.3% Day After Thanksgiving, ShopperTrak Says
Nov. 24 (Bloomberg) -- U.S. consumers spent $10.3 billion on holiday purchases yesterday, an 8.3 percent increase from last year

Updates resume Nov. 25

Bond Market to Bernanke: Recession Threat Means More Rate Cuts
Financial companies may lose as much as $400 billion because of home foreclosures, based on a ``back-of-the-envelope'' calculation, Jan Hatzius, chief U.S. economist at Goldman Sachs Group Inc. in New York, wrote in a report last week. That will force banks, brokerages and hedge funds to cut lending by $2 trillion, he estimated.

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• U.S. consumer prices rose 0.3% in October and up 3.5%YoY.
  

• The New York Federal Reserve's regional index of manufacturing fell from 28.75 to 27.37 in November -- stronger than expected.
  

• The Philadelphia Federal Reserve's index of manufacturing rose from 6.8 to 8.2 in November -- stronger than expected.
  

• Canada’s existing home sales rose 1.3% from September's pace.
  

• U.K.'s retail sales fell 0.1% in October, but rose 4.4% YoY.
  

• Consumer prices in the Euro zone rose 2.6% in October
  

• Japan's tertiary index of services fell 1.6% in September.
  

• YoY Industrial production in China rose 17.9%.
  

• The U.S. Department of Energy said that:
  Supplies of crude oil rose 2.8 million barrels to 314.7 million barrels
  Supplies of gasoline rose 700,000 barrels
  Supplies of heating oil fell 700,000 barrels.
  Refinery use rose from 86.2% to 87.7% last week.
  gasoline demand rose 0.6% YoY
  Distillate demand rose 0.5% YoY.
  Supplies of natural gas are up 2.5% YoY and up 8% from the five-year average.
  

• The World Gold Council said that YoY gold demand rose 19% in the third quarter.
  

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• U.S. producer prices rose 0.1% MoM and 6.1% YoY
  

• U.S. retail sales rose 0.2% in October.
  

• Retail sales in China were rose 18.1% YoY
  

• GDP in the Euro area rose 2.6%.
  

• The U.K.'s unemployment rate was 5.4%, unchanged QoQ.
  

• Canada's index of leading indicators rose 0.1%.
  

Quick Overview

• A data service for MasterCard Worldwide, said U.S. retail sales rose 0.2% in October.
  

• The International Energy Agency expects world oil demand at 87.7 million barrels per day in 2008, down 300,000 barrels from an earlier estimate.

• Japan's GDP rose 0.6% QoQ and 2.1% YoY.
  

• Japan kept interest rate unchanged at 0.50%.
  

• YoY U.K.'s consumer prices rose 2.1%.
  

• YoY Consumer prices in China rose 6.5%.
  

Quick Overview

• YoY Japan producer price index rose 2.4%
  

• Analysts at the Deutsche Bank predict losses worldwide from subprime mortgages will eventually total $300 to $400 billion.
  

• India's industrial growth slowed to 6.4 percent in September.

What Mukasey Can Teach Musharraf Why, in a country of 300 million, home to a lopsided number of lawyers, we cannot find someone who will uphold the Constitution unequivocally, is one more mystery of our times.

How to Turn a Region Into a Graveyard..we have witnessed the emergence of a new Middle East that bears no resemblance to anything that US politicians might have envisaged, and which has become a major and lasting destabilising factor in the world.

Rage of Reason
The only time the polling firm has measured such strong give-this-guy-the-hook sentiment was in February 1974, at the height of the Watergate scandal, when Nixon's "strongly disapprove" number was measured at 48 percent. Bush beats him by a nose, but the margin of error makes the contest for "Most Reviled President, Modern Era" a statistical tie.

Quick Overview

• U.S. Trade shortfall of $56.5 billion was less than expected.
  

• The University of Michigan's consumer sentiment index dropped from 80.9 to 75.0 in November, the lowest in two years.
  

• China raised bank reserves to 11.5%. This is the ninth time this year the bank tries to cool an economy that expanded 11.5 % in the third quarter.

• Europe's central banks sold 50 tons of gold in October.
  

• Japan's industrial output rose 2.2%
  
  

• The European Commission reduced its estimate of GDP growth for the Euro area from 2.5% to 2.2% in 2008, they expect 2.1% growth in 2009.
  

• Canada’s trade surplus of C$2.6 billion is the lowest since December of 1998.
  

• The USDA's 2007-20008 U.S. ending stocks estimate of:
  Corn was reduced from 1.997 to 1.897 billion bushels.
  Soybeans were reduced from 215 to 210 million bushels.
  Wheat was increased from 307 to 312 million bushels.
  Sugar was reduced from 1.899 to 1.880 million tons.
  Cotton was increased from 6.40 to 7.60 million bales.
  

• The USDA's 2007-2008 world ending stocks estimate of:
  Corn remained at 110.4 million tons.
  Soybeans were reduced from 50.8 to 49.4 million tons.
  Wheat increased from 107 to 109.8 million tons.
  Cotton was reduced from 55.0 to 54.8 million bales.
  

Quick Overview

• The Fed’s Bernanke told Congress the central bank is doing all it can to ease the impact of increasing foreclosures. He sees a "delicate balance" between risks to growth and the risks of inflation.
  

• Australia's unemployment rate rose from 4.2% to 4.3% in October
  

• Canada's housing starts were down 22% from September's pace.
  
• The Bank of England kept the interest rate unchanged at 5.75%.
  
• The European Central Bank kept its interest rate unchanged at 4.00%.
  

• Machinery orders in Japan fell 7.6% in September, weaker than expected.
  

• The People's Bank of China estimats GDP will increase 11% this year with 4.5% inflation.
  
  

• Brazil's National Commodities Supply Corp. predicted a 59.4 million ton soybean crop in 2007-2008, the USDA estimated 62.0 million ton.
  

• Louis Dreyfus is predicting that Brazil's next coffee crop will total 50 million (60-kg) bags.
  
  

• The U.S. Department of Energy said that underground supplies of natural gas rose 36 billion cubic feet to 3.545 trillion cubic feet. Supplies are now up 3% YoY.

• Statistics South Africa said YoY gold production was down 6.5% in September.