Sunday, 9 March 2008

US Repossessions hit Record High, sparking Dollar Sell-off

The number of homes repossessed in the United States rose to a record level in the final three months of 2007 as the slump in the American housing market and the impact of the credit crunch affected the country's poorest borrowers, figures showed yesterday.

News of the jump in foreclosures prompted a fresh sell-off in the dollar - which was trading at its lowest-ever level against the euro - and led to an early 100 point sell-off in the Dow Jones industrial average on Wall Street.

[Posted at the SpookyWeather blog, March 9th, 2008.]

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