Hi Bill

Well here is some good news foe all of us :)

By Reuters | 08 Oct 2008 | 11:01 AM ET Text Size Pending sales of existing U.S. homes unexpectedly jumped in August to the highest level in over a year, data from a real estate trade group showed on Wednesday.

The National Association of Realtors Pending Home Sales Index, based on contracts signed in June, rose 7.4 percent in August to 93.4 from an updwardly revised index of 87.0 in July.

The August reading was 8.8 percent higher than a year earlier, and the highest level since 101.4 in June 2007.

Economists polled by Reuters ahead of the report were expecting pending home sales to drop by 1.8 percent.

The association's senior economist Lawrence Yun said home buyers responded to improved affordability, with home prices low and mortgage rates down after the government takeover of Fannie Mae and Freddie Mac.

Meanwhile, applications for U.S. residential mortgages climbed last week from the lowest level in a month as home loan rates declined.

http://www.cnbc.com/id/27083816

So...if we want a luxury vacation, we're in the wrong business, huh Bill?!

Thanks for sharing the bright spot of good news on home sales Vance. With all the scary news, we seem to miss the positive happenings.

Hi Bill,

I heard yesterday that was $440,000, anyways they should write a check back to US the taxpayer for this amount.

AIG Execs Take Spa Vacation After Bailout

Trip Angers Lawmakers

POSTED: 9:23 pm EDT October 7, 2008

UPDATED: 9:56 pm EDT October 7, 2008

WASHINGTON -- Less than a week after the federal government had to bail out American International Group Inc., the company sent executives on a $440,000 retreat to a posh California resort, lawmakers investigating the company's meltdown said.

The tab included $23,380 worth of spa treatments for AIG employees at the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy.

The retreat didn't include anyone from the financial products division that nearly drove AIG under, but lawmakers were still enraged over thousands of dollars spent on catered banquets, golf outings and visits to the resort's spa and salon for executives of AIG's main U.S. life insurance subsidiary.

AIG, crippled by huge losses linked to mortgage defaults, was forced last month to accept the $85 billion government loan that gives the U.S. the right to an 80 percent stake in the company.

The information was unveiled during a hearing with lawmakers Tuesday.

During the second Presidential debate Tuesday night, Democrat Barack Obama said the U.S. Treasury should demand the money be returned and top executives be fired. Republican Senator John McCain did not specifically address the spa vacation by AIG employees.

Distributed by Internet Broadcasting Systems, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

I heard on one of the news channels today that the AIG execs wanted to spend millions of dollars apologizing to the public, but their PR people advised against it.

I agree with you Bill, we are only seeing the tip of the iceburg. I think there will be lots of top execs trying to answer the question as to why they took eight figure salaries and bonuses while their stockholders were seeing their investments vanish, sometimes within hours.