No, they just pfffffffft!
"Applications for mortgages up 7.5%; Lower prices may be luring buyers" by Bloomberg News | July 10, 2008
What, the rich buying more houses again?
Also see: The Hot Home Market
WASHINGTON - Mortgage applications in the United States rose for a second straight week, a sign that falling home prices are attracting some buyers.
The applications report may overstate demand because the survey only includes retail lenders, which have probably seen an increase in business as many wholesale brokers closed their doors.
A report from the National Association of Realtors Tuesday showed contracts to buy previously owned homes declined more than forecast in May, a sign that prices that have been sliding for more than two years have yet to touch bottom. Mortgage rates also are ticking up.
Housing-related companies continue to suffer. IndyMac Bancorp Inc., the lender whose market value has plunged by almost 90 percent this year, this week said it will slash its workforce by 53 percent and limit lending after its quarterly loss widened.
--MORE--"
THOMASVILLE, Ala. - Many stores in rural towns - from small shops to local chains - are starting to enjoy a little life after years of seeing customers bypass them. Gas prices could be playing a bigger role in changing people's habits."
--MORE--"
If that is true, why is Wal-Mart doing so well?
"
Wal-Mart's monthly sales have been outpacing those of competitors as shoppers head to its stores for discounts on food, health-care items and electronics.
It means our standard of living is in the toilet, folks!
Especially when I compare it to other places.
I mean, these guys are cheap!
"Steve & Barry's seeks bankruptcy protection" by Bloomberg News | July 10, 2008
WILMINGTON, Del. - Steve & Barry's LLC, the discount seller of clothing lines by celebrities including Sarah Jessica Parker, sought protection from creditors, joining at least 10 US retailers in bankruptcy this year as consumers cut spending.
The company said in a statement it eliminated 172 jobs yesterday and plans to consolidate offices while seeking a sale to repay debt. Stores are open, accepting gift cards and returns, Steve & Barry's said. The company, with 275 stores in 40 states, opened 10 stores this year and had plans for at least 10 more, according to its website.
How can they be expanding and contracting at the same time?
WTF is this fooley scitte?
Sales rose 70 percent in the first five months of 2008 from a year earlier, Steve & Barry's said, not enough to make up for surging fuel and material costs and tighter budgets for shoppers.
Suppliers recently cut access to products and services, and landlords stopped making payments for construction work, forcing the company to default on loans, said Steve Shore and Barry Prevor, the founders and cochief executives. The Wall Street Journal reported last week that the company might be forced to liquidate.
Linens 'n Things, Sharper Image Corp., Bombay Co., and Goody's Family Clothing also sought bankruptcy protection this year as credit becomes harder to obtain and consumers struggling with higher gasoline costs cut back on nonessential purchases.--MORE--"
Well, that will be ANOTHER BIG HOLE at the MALL!
These guys already cleared out:
"Starbucks tailors deals to boost sales" by Associated Press | July 10, 2008
SEATTLE - Starbucks Corp. is testing several promotions in stores across the country, a move it hopes will help counter the drop in domestic store traffic that led to a decision to close 600 stores.
"One of the things we're consistently hearing in this day and age [is], even though budgets are tight, they still don't want to give up life's little luxuries," said Brad Stevens, vice president of customer relationship management at Starbucks, yesterday.
WTF? I have!!
Maybe that accounts for the surliness and foul language of my site, 'eh?
Not getting my morining coffee!"
