Home buying market sputters with record slow six months
The March through August home buying season posted the weakest totals since records began in 1963. New homes sold about 168000, with recycled demand for existing homes near 2.8 million, signaling a prolonged recovery as unemployment and slow growth weigh on buyers. Analysts warn prices may fall further before any rebound.
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Celia Chen
Moody’s Analytics
Pierre Ellis
Decision Economics
Netflix lands DreamWorks streaming rights in coming years
Netflix secures exclusive Internet video rights to DreamWorks Animation films and specials, including Shrek and Kung Fu Panda, in a multiyear deal that starts in 2013. The agreement follows subscriber backlash over price hikes and a planned DVD spin off, signaling a shift toward online video despite delayed launch. DreamWorks CEO Katzenberg hints Netflix pays more than HBO currently does.
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Refineries Seek Breaks as Texas Schools Face Losses
Large Texas refineries pursue retroactive tax refunds in exchange for pollution control upgrades. If granted, near half of the refunds could hit school districts and local governments already cut by more than 4 billion dollars. The Texas Commission on Environmental Quality weighs 16 requests totaling over 135 million dollars.
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Patricia Gonzales
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Bryan Shaw
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Deloitte Sued for 7.6 Billion Over Florida Mortgage Fraud
Two lawsuits filed in Miami-Dade allege Deloitte and Touche LLP failed to detect fraud at Taylor Bean & Whitaker, seeking 7.6 billion in damages. Plaintiffs accuse the firm of disregarding red flags while Deloitte rejects the claims as meritless. The cases involve the bankruptcy trustee and Ocala Funding LLC.
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