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WASHINGTON (Reuters) - U.S. lawmakers will question some leading government and industry economists about the perils of a possible 'housing bubble' in a Wednesday hearing. Lawmakers wanted the session "because we've heard a great deal about the possibility of a housing bubble for several years now," said Sen. Wayne Allard, a Republican from Colorado. The hearing, "The Housing Bubble and its Implications for the Economy," will be held in an open session of the Senate Banking Committee at 10 a.m.. Next week, the same committee will hold a hearing on the growth of innovative mortgage products that have mushroomed along...

Get used to it ¡ª the seller's market is closing up shop. The days of fat, fast home value increases are gone. Pack away those flipping fantasies. "The boom is definitely over, there's no debate about that," said Mark Zandi, chief economist of West Chester, Pa.-based research firm Moody's Economy.com. "Now the question is more how hard is it going to land, if it lands at all." The answer? Depends who you ask ¡ª and what location you're talking about. How to feel about it? Depends which side of the market you're on ¡ª and what location you're talking about....

He, of all people, should have known better. The president of the National Association of Realtors, Thomas M. Stevens of Vienna, admits he didn't follow his agents' advice when the real estate market started to cool. That, he says, is why his old house in Great Falls has now been on the market for a year at the price of $1.45 million. "What I should have done," confessed the senior vice president of NRT Inc., parent of Coldwell Banker Residential Brokerage, "was listened to my agent and cut the price by $50,000 to $100,000 early on, and the property would...

NEW YORK (Reuters) - Investment bank HSBC has revised downward its forecast for 2007 economic growth and cautioned that the risk of an outright recession is growing as a retreat in housing threatens household balance sheets. ADVERTISEMENT The company argues that while corporate profits have remained sky-high, the incomes of most Americans have effectively fallen over the last 18 months. That, say economists Stephen King and Ian Morris, could be a recipe for hard times in an economy that relies on consumers for over two-thirds of its strength. "Never before have households been so hard hit at a time companies...

Falling prices have created a new twist in the suburban Boston real estate market: More homes are selling for less than their assessed values. Massachusetts house prices slumped 3.5 percent in July, the biggest monthly drop since 1993, as a slowdown in sales brought about by rising interest rates created a glut of homes on the market. which are the estimated values communities place on homes to determine property taxes, their primary source of revenue. State law requires communities to assess properties at ``full and fair cash value." * * * But for the past five years, most homes sold...

WASHINGTON (Reuters) - U.S. home sales will be a good deal weaker this year than earlier thought as potential buyers remain on the sidelines waiting for better deals, a national real estate group said on Thursday. ADVERTISEMENT The National Association of Realtors said sales of existing homes were likely to drop 7.6 percent this year to 6.54 million. A month ago, the group thought existing homes sales would fall only 6.5 percent to 6.61 million. The association, which said housing prices were likely to dip temporarily below year-ago levels, also revised lower its forecasts for new homes sales and housing...

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BOSTON (MarketWatch) -- It is becoming increasingly obvious that financial advisers, real estate experts and parents will someday point to what is happening in the mortgage market today and use it as a cautionary tale of what can go wrong when a buyer stretches to get too much house during a market that seems invincible. Real estate has been booming in most markets over the last five years or longer, fueled by interest rates that reached four-decade lows and by consumers who used new mortgage products to extend their buying power. Many home buyers stopped worrying about buying a home...

If the pursuit of happiness was once an ideal in American life, the entitlement to happiness may now have replaced it. Since the late 1980s, when psychotropic drugs first came on the market, grateful Americans have been lining up at the counter. Prozac, Zoloft, Paxil, Wellbutrin and a host of other antidepressants have been embraced as practical solutions to everyday unhappiness. More than 15% of Americans now use one of the above. Needless to say, they are not all clinically depressed. Whereas Sigmund Freud once described the goal of psychotherapy as "transforming hysterical misery into ordinary unhappiness," many doctors now...

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This has not been a good week for the Democrats. First, word came that Abu Musab al-Zarqawi, the most recent “Butcher of Baghdad,” had been killed and now the liberals must deal with the decision of special prosecutor Fitzgerald not to charge Karl Rove in the Valerie Plame “leak” case. All things considered, there has not been much good news for the far-left bloggers to crow about. The death of Zarqawi left some liberals trying to walk the tightrope of attempting to appear happy while maintaining their theme of doom and gloom for the Republicans. There were a couple of...

One of the most widely used treatments for the eating disorder anorexia nervosa, the antidepressant Prozac, works no better than dummy pills in preventing recurrence in young women who have recovered from it, researchers are reporting today. The study, the most rigorous to date to test the use of medication for anorexia, should alter treatment for an illness that is often devastatingly chronic and that has a higher mortality than any other psychiatric disorder, experts said. Fewer than a third of the study's participants, who also received regular psychotherapy, remained healthy for a year or more, whether they received drug...

Borders, Culture, Language, Morals, SAVAGE, Truth! Happy Tuesday everyone!

Conservative columnists have a case of congressional crankiness. Take Peggy Noonan at the Wall Street Journal, for example. She wrote last week that Republicans on the Hill are so far off track it might take losing in November to unlearn the lessons of power. Media critic Howard Kurtz of The Washington Post found her mood so foreboding he suggested only Prozac might lift conservatives' gathering gloom. Frustration among conservatives is both palpable and understandable. Many believe -- accurately, I might add -- their pens played a role in promoting the emergence of the Republican majority in Congress. ---snip--- Frustrated conservatives...

History has not dealt kindly with imperial ambitions, and America, however benevolent her intent, cannot hope to be an exception. Something remarkable happened on the eve of the U.S. invasion of Iraq. Commentators began to declare, in somewhat exultant tones, that America had at last become a true empire. America was of course also a benevolent empire, they insisted, but that nod to altruistic tradition could not hide their excitement that America had at last joined the greatest empires of the past. Implicit in these giddy declarations was the assumption that empire was an exalted state of power and...

Gettin' ready!!!!

Startin' off good today!

An October Surprise? by Patrick J. Buchanan President Bush says Iranians are behind the more lethal IEDs, the roadside bombs killing our troops in Iraq. Rumsfeld warns the Iranian Revolutionary Guard may now be in Iraq. Cheney says Iran will not be allowed to have a nuclear weapon. McCain says, “the military option is on the table.” And Israel is getting impatient. Writes Yaakov Katz in the March 10 Jerusalem Post, “The United States has until now not done enough to prevent Iran from obtaining nuclear weapons, a senior Defense Ministry official has told the Jerusalem Post ...” Katz quotes...

Question: Who’s afraid of Jews in the boardroom? Freemasons in the basement? Reds under the bed? Black helicopters in the sky? Answer: A surprising number of otherwise sensible people. Even under the new shadow of terrorism, old fears live on, breeding bogeys that knot together in a vipers’ tangle of menace. Regrettably, Catholics do their share of worrying about the Judeo-Masonic-Communist conspiracy and/or the imminent arrival of the Antichrist to rule over the New World Order. Their anxieties are often fueled by anti-Semitic screeds, polemical histories, eccentric economics, and even heavenly messages. Fear-mongering is standard fare in the pages of...

If you are single and live in SAN ANTONIO,TX---BEWARE of one greedy, self-centered @#$!$ !! Believe me I know...Back in August of 2002 I was married to "IT". I went to CA to work, sending her $1000.00 a week to pay bills. In December of 2002, she told me we were divorced. I got no notice of divorce papers or even a phone call. She claims she had no idea where i was...Yeah right!! She had some guy living in my house 2wks after I left (I found this out later on..)and he was wearing MY clothes. With my money,...