Interesting Housing News Links (February 6, 2009)

* GRIM JOBS REPORT SHOWS NO SIGNS OF ECONOMIC RECOVERY (Clemente Lisi, New York Post)

The country’s unemployment rate jumped to a staggering 7.6 percent last month after recession-battered employers eliminated 598,000 jobs — the most at one time since 1974 — in another sign that the job climate is deteriorating at an alarming rate.

* Police beat (Daily Herald)

When security personnel detained a woman at Spring Hill Mall who had just left a store Tuesday afternoon, she was wearing clothing that had been shoplifted and had more stolen clothing in her purse, a police report said. Deborah R. Meyers, 34, of the 200 block of Spring Point Drive, Carpentersville, was charged with retail theft and also possession of drug paraphernalia after a silver smoking…

* Analyst: Prudential loss not so damaging as thought (Jersey Journal)

Prudential Financial Inc., the second- biggest U.S. life insurer, advanced in New York trading after Morgan Stanley said a $1.57 billion fourth-quarter loss didn’t damage the company’s capital position.

* Low rates defuse ‘exploding’ ARMs (Les Christie, Money)

NEW YORK (CNNMoney.com) — A wave of resetting adjustable rate mortgages had been poised to add to the flood of foreclosures as their rates jumped.

* Moody’s to review ratings on $300bn of debt (Nicole Bullock, The Financial Times)

The commercial real estate market received another blow on Thursday when Moodys Investors Service said it would review ratings on about $300bn of debt backed by US commercial mortgages.

* S&P sees 13.3 pct drop in 2009 dividend payments

Dividend payments from America’s largest companies are expected to fall 13.3 percent this year, the steepest drop since 1942, Standard & Poor’s predicted Friday.

* Fake roof repairmen rob Roseville victim (Bill Enfield, Sacramento Bee)

The return of rain to the area also has brought back a familiar scam – bogus roof repairmen who use a homeowner’s concern for their property to rob.

* Japan Airlines facing annual loss (BBC News)

Japan Airlines (JAL) is predicting an annual loss of 34bn yen ($372m; �253m) as the global crisis hits demand.

* Homeowners Advised To Shut Off Well Pumps During Freeze (Yvette C. Hammett, WFLA)

PLANT CITY – Homeowners who use wells for their water should take extra precautions tonight on what is expected to be the coldest night of the winter so far.

* BAD LUXE RETAILERS ARE THE LATEST ‘RED’ SCARE (James Covert, New York Post)

Steep sales declines in January stoked fears that retailers haven’t seen the worst of the downturn, with more shakeouts and strategy shifts to come, especially at the high end.

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