| Rate cuts possible
On Wall Street, stocks were mixed with the Dow Jones industrials edging up 9.36 points. Bernanke admitted under questioning that the Fed faces "a difficult situation." The economy is slowing, inflation is rising and if those trends aren't enough, the slide in home prices and turmoil in mortgage markets show no sign of abating. These developments threaten a vicious economic cycle in which declining home prices depress consumer confidence and dampen consumer spending, which drives two-thirds of U.S. economic activity. "That's three difficult areas where the Fed has to worry about, three different fronts," Bernanke said. "That's the kind of balancing we have to do going forward." Much of yesterday's hearing focused on the struggling housing market, which is at the epicenter of today's economic downturn.
Forecast: No housing recovery until 2009
A widening credit crunch and rising risks of a US recession will delay the Boston housing market's recovery until mid-2009, according to a new forecast. House prices in the Boston metropolitan area, which have fallen 7 percent since their 2005 peak, will decline another 8 percent before starting to recover in the middle of 2009, Moody's Economy.com said yesterday. The forecast has "gotten a little bit worse," said Gus Faucher, director of macroeconomics at the Philadelphia economic consulting firm. "We expect prices to bottom out in 2009." Most economists now agree US and local housing prices will fall through 2008 and won't begin to rise again until next year. For example, Freddie Mac said yesterday that house prices would continued to decline through 2009.
Owner of Henrietta church plans to restore it
It was sold for back taxes after ownership could not be determined. Bidding started at $2,151.98. Lyde and one other bidder competed for the property. In addition to his bid, Lyde must pay the $67 in taxes owed for 2007. The church was once home to the community's only black church but has been unused for many years and had fallen into disrepair. The sale was conducted by Constable Toby Davis and the Clay County Appraisal District. Four other properties were also sold that day. Lyde said he wants to restore the church as much as possible and would eventually like to make a chapel out of the building, which could serve as a meeting place for Bible studies, family reunions and such. He said he didn't think there was any interest in it being used as a church again.
Pa. Photographer Couple Charged With Theft
NORRISTOWN, Pa. (CBS 3) ― A photographer trusted for decades to capture precious events for local families is facing charges, along with his wife. Authorities said he preyed on a guest at one of those events.Authorities said photographer Steve Raab stole a guest's purse during a Bat Mitzvah at the Philmont Country Club on February 2."To have someone violate that trust and steal at a bat mitzvah is just outrageous," Montgomery County District Attorney Risa Ferman said.Police said Raab and his wife, Susan, then attempted to use to the victim's credit card to run up hundreds of dollars in charges."These two people are preying on people who come to an event, just to have fun, to relax, and to enjoy their family and friends, never expecting that they would be victimized," Ferman said.Despite the arrests, the Raab's business "Creative Photography & Video" remains open for business.
Jockstrip: The world as we know it.
WICHITA, Kan., Feb. 27 (UPI) -- Police in Wichita, Kan., said a local man sealed up a crawlspace under a rental home while a suspected thief was inside taking copper pipes.
The police said the man, described as a pastor, heard a noise coming from under the house and phoned police after sealing a 48-year-old man inside the crawlspace, the Wichita Eagle reported Wednesday.
Capt. Darrell Haynes said the suspect, a prisoner out on work release, was taken to the Sedgwick County Jail. Haynes said officers noticed several copper pipes had been cut from inside the crawlspace.
Cocaine washes up on British beach
LONDON, Feb. 27 (UPI) -- A Lizard Point, England, man said he turned about 110 pounds of cocaine over to police after he found it washed up on a tourist beach.
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MasterCard Europe and Europay France to Integrate Operations in France
PARIS, and WATERLOO, Belgium, Jan. 8 /PRNewswire-FirstCall/ -- MasterCard Europe and Europay France today announced an agreement to integrate their operating structures in France, a priority market for MasterCard in Europe. The integration will support French banks' efforts to provide competitive payment services. Under the terms of the agreement, a new company is to be formed. Additional terms of the agreement have not been disclosed. The transaction is expected to be completed on April 1, 2008 and will enable French and international banks in France to benefit from a direct relationship with MasterCard Europe for payment services. The two businesses have a history of combining their strengths, with MasterCard International and Europay International having merged their pan-European activities in 2002.
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