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Chart of the Day
Today, it was reported that the median price of a single-family home dropped 2.3% in August. The stock market sold off on the news. For some perspective into the all-important US real estate market, today's chart illustrates the US median price of a single-family home over the past 39 years. Not only did housing prices increase at a rapid rate from 1991 to 2005, the rate at which housing prices increased – increased. That brings us to today's chart which illustrates how housing prices are currently 30% off their 2005 peak. In fact, a home buyer who bought the median priced single-family home at the 1979 peak has seen that home appreciate by a mere 4%. Not an impressive performance considering that three decades have passed. Over the past two months, single-family home prices have resumed their decline and remain (until proven otherwise) in an accelerated downtrend.
Are Californians financing Iran's economy?
John North More: Bio , abc7.com News Team SACRAMENTO (KABC) -- When you pay money to your insurance company, you could be financing investments in the government of Iran. California insurance companies admit they have $12 billion in investments in Iran. The insurance commissioner wants them to divest. And he's threatening to revoke their licenses to operate in California. The legislature outlawed investments in Iran but left a big loophole. Scenes of protests in Iran are familiar to international viewing audiences. So are the allegations that Iran continues to violate its citizen's civil rights as it moves toward a nuclear capability. California Insurance commissioner Steve Poizner has been trying to enforce a new law designed to pressure Iran into changing its ways. The law prohibits insurance companies from investing in Iran. Poizner says there is a huge loophole. ...
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