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A rocky day on Wall Street--the Dow Jones Industrial Average dropped almost 250 points--was mentioned in passing by all three networks before they turned to the problems of the real estate housing market. ABC's David Muir counted 900,000 homes in foreclosure nationwide and now several mortgage lenders, too, are on the brink of bankruptcy, exposing pension funds and retirement accounts to risk. Last year, delinquent home payments were confined to the so-called subprime sector--lower income borrowers with poor credit ratings--but now, CBS' Anthony Mason warned, "many borrowers are starting to fall behind in the better loan categories." It may take three full years for the real estate market to absorb these shocks.
NBC's substitute anchor Brown inquired of CNBC's Maria Bartiromo whether housing market woes would spread: "We will see the economy slow down," Bartiromo assured us. Then she offered the half-full version, noting that consumer confidence remains strong. "I think that has to do with the very strong employment market."
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