NBC's had its sibling financial network CNBC lead off its newscast on the economy before turning to the Middle East: home prices continue to fall…Citigroup, the financial conglomerate, received an infusion of $7bn in capital from the government of abu-Dhabi…the stock market rebounded after yesterday's fall, with the Dow Jones Industrial Average up 215 points. CNBC's Carl Quintanilla cautioned that this fall's 4% drop in the value of residential real estate is hardly the whole story. Unidentified economists he consulted told him "from top to bottom we might see housing values fall 15%." The bursting of the housing bubble is blighting neighborhoods, ABC's Betsy Stark (subscription required) added: "The foreclosure crisis was Topic A" as the nation's mayors convened in Detroit, where Mayor Kwame Kilpatrick bemoaned "the biggest loss of property values since the Great Depression." Stark cited the mayors' projection that the "mortgage mess" would lead to the loss of 524,000 jobs.
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