Stocks Down; Super-committee Throws in Towel; Existing Home Sales Up 1.4%

Stocks Tumble as Treasuries Rise on U.S. Budget – Bloomberg.

Not unexpected and the target amount of reduction was ludicrous anyway: $120 billion during 10 years. Washington is not serious.

Good news from the housing market and this could be due to the lower prices. More importantly, the ideal of owning one’s own home is not passee.