|
CNBC'S MOST SHARED
- A Goldman Trading Scandal?
- Rich People With A Death Wish
- Facebook Director Sees 'Billions' in Revenue in 5 Years
- The Threat of Ballooning Pensions
- Lehman CEO: Firm Deserved Bailout or 'Wind Down'
- Is Andy’s Mojo Back? We Asked Him
- China Launches Major Step to Yuan Internationalization
- Market's Monday Blues
- Texting And Driving Worse Than Drinking and Driving
- March Lows Will Hold — So Buy Equities: Strategists
- Lacoste Runs Full Page Ad With Roddick Loss
- Brandt: Bing, The Little Search Engine That Couldn't
- 5-Star Manager's 5 Top Stocks
- Hey, What's Up Doc?
- Busch: Summertime Blues Hits Investors
- Chadwick: Recession and Scandals Pave the Way for Romney 2012
- Art Cashin: The S&P's 'Head and Shoulders' Number
- Michael Jackson: Death And Taxes
- Second Half: Wait For Pullbacks, Then Buy the Best
- Accused Ex-Goldman Sachs Programmer Out on Bail
- Used Video Game Sales Soar: So Who Wins?
- Discover Shares Fall on Word of Stock Offering
- The Weirdest Currencies on Earth
- Recession Special: Wine Cheaper Than Water!
- GM to Get Final $20 Billlion From US This Year
- California General Obligation Bond Rating Cut
- Get the Full Rundown of Today's US Business News Here

Foreclosures were up 19% in May from April and up almost 90% from May 2006, though First Trust Advisors Chief Economist Brian Wesbury thinks foreclosures won't have much of an effect on the housing market.
He said the peak in the housing market already occurred in the fourth quarter of last year, as there was a 1.2% subtraction from gross domestic product.
"I think the worst is behind us," Wesbury said.
However, RGEMonitor.com chairman Nouriel Roubini thinks the worst is actually ahead of us.
He said that foreclosure is only one channel of four that puts pressure on home prices.
The other three, he mentioned, are the credit crunch subprime that causes demand for new homes to fall, falling of home prices that causes people to sell homes, and maturity of adjustable rate mortgages at higher interest rates, which people won't be able to afford.
Nevertheless, Wesbury thinks that "we can absorb these losses. It's going to be painful, and there's still some losses to come, but it's not the kind of thing that will drag the entire economy down."





