Economics Update

It sounds like good news, durable goods orders went higher in June, but it was almost entirely due to defense related purchases.

Real estate is pretty much bad news too, with 2nd quarter foreclosures up 120% year over year, and new home sales down, though not as crappy as expected.

Meanwhile, the National Australia Bank is writing down 90% of its mortgage backed securities, which is a realistic, if somewhat alarming valuation of these instruments.

In the world of retail, we have Rumors that Boscov's is near collapse. They're local, so maybe there will be some deals as a result.

More generally, oil and retail gasoline are down, and the dollar is mixed against world currencies.