Sales of existing homes fall 5.3% to 12-year low

Date: Wed, 25 Feb 2009 12:01:47 -0500

Sales of existing homes fall 5.3% to 12-year low

Sales of pre-owned homes drop 5.3% to a seasonally adjusted annual
rate of 4.49 million in January, the lowest sales pace in 12 years,
the National Association of Realtors reports.

TREASURY BEGINS STRESS TESTING TROUBLED BANKS

The Treasury Department begins to apply a series of new stress tests
for 19 large troubled banks as part of a new capital injection program
that could lead to nationalization of several financial institutions.

TURKISH AIRLINES JET CRASHES AT AMSTERDAM AIRPORT

A Turkish Airlines Boeing 737 crashed while trying to land at
Amsterdam's Schiphol International airport on Wednesday, killing at
least nine and injuring 50 of the 134 passengers on board.

AMBAC REPORTS $2.3 BILLION QUARTERLY LOSS

Ambac Financial reports a $2.34 billion fourth-quarter net loss on
Wednesday as the bond insurer was hit hard by the deepening recession
and financial crisis.

OBAMA FRANK BUT OPTIMISTIC ABOUT ECONOMY IN SPEECH

President Barack Obama tells Congress and the country that the U.S.
will emerge from the recession "stronger than before," while laying
plain the challenges facing the economy.