It’s Monday, and after Friday’s losses on Wall Street and major declines in Asia and Europe, the markets may be headed down this morning as well.  Included in the usual morning back of dismal news this morning was this interesting tidbit- a hint from the Fed’s Plosser- RATE CUTS MAY BE TEMPORARY: The level of the Fed’s benchmark interest rates is lower than standard monetary policy rules call for and therefore must be transitory and reversed in due course or inflation expectations may become unmoored, said Philadelphia Fed Bank President Charles Plosser on Monday. Plosser said that the turmoil in…
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  Here’s why new home prices will be headed down for awhile– Inventory is at level not seen in 35 years, and more houses keep on coming: Almost 200,000 newly constructed single-family homes are sitting empty in the U.S., the most since Commerce Department statistics began in 1973. Partially completed developments reduce revenue for cities and towns and hurt businesses, said Nicolas Retsinas, the director of Harvard University’s Joint Center for Housing Studies. About 370,000 new homes are for sale because people who initially contracted to buy them backed out, according to estimates in a Feb. 15 report from analysts…
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