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    U.S. Housing Market Still On Life Support

    With each passing year, the former Oracle of the Fed, Alan Greenspan, is reminded that there really was a housing bubble and lowering interest rates to record lows just matters worse.  Nearly four years after the housing market peak in 2007, record low mortgage rates are no match for falling incomes and 9% unemployment.

    The Case-Shiller Home Price Index, released on Tuesday, showed that nation wide home prices did not register a significant change in the third quarter of 2011, with the U.S. National Home Price Index up by only 0.1% from its second quarter level. Home prices are down 3.9% across the board and are now back to their first quarter of 2003 levels.

    From August to September, housing prices have fallen the most in Atlanta, with a 5.9% decline, followed by Tampa Bay and San Francisco, both with a 1.5% drop in housing prices.

    Boston, New York, Washington and Los Angeles remain the most expensive cities in the lower 48 states.

    "The plunging collapse of prices seen in 2007-2009 seems to be behind us," says David M. Blitzer, Chairman of the Index Committee at S&P Indices. "Any chance for a sustained recovery will probably need a stronger economy."

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    • Dog Found Standing Guard Over a Tornado Victim Reunited With Her Owner

      There's a happy ending to the story of a dog, found alive in the rubble after a massive tornado devastated Moore, Oklahoma: she's been reunited with her owner.

    • 2 charged in slayings of 6 on Tenn.-Ala. border

      FAYETTEVILLE, Tenn. (AP) — Authorities say two men have been charged in six killings, including a toddler and unborn baby, near the Tennessee-Alabama border last fall during a dispute over drug dealing.

    • London Terror Attack: Names, Family Tragedy and Deepening Mystery

      The whole world witnessed the aftermath of the suspected May 22 terror attack in London. Bystanders filmed and photographed the body of a man, lying in a suburban street, as his apparent killers, not fleeing but seeming to flaunt their work, remained at the scene. But despite this immediacy, the key, human details were missing. Investigators are still a long way from piecing together exactly what happened and why, but details are emerging about the suspects—and the victim. The man so brutally targeted was a soldier, 25-year-old Drummer Lee Rigby. ...

    • Pilots in fatal Alaska crash on different signals

      ANCHORAGE, Alaska (AP) — The pilots involved in a deadly 2011 midair collision in Alaska apparently were communicating on different radio frequencies before the crash, according to a report by the National Transportation Safety Board, a finding that local aviators say underscores the danger of the mishmash of communication channels and federal guidelines in the area.

    • The Gruesome Details of London's Horrifying Machete Attack

      An attack in broad daylight in London on Wednesday is drawing a swift response — and a possible terror link — from the highest authorities. Reports suggest two men chased down another man with their car before getting out, attacking him with a machete, and dragging him through the city streets. 

    • Sadly, you are uglier than you think

      At least according to one new study

    • John McCain Is the Latest Senior Senator to Have Had Enough of Junior Ted Cruz

      For two days John McCain and Ted Cruz have been fighting on the Senate floor over the rules for negotiating a budget, but, like so many fights, it's also about so much more. Cruz is being annoying about the budget, but worse, he just doesn't get the Senate. 

    • Florida high school suspends teacher for touching girl on head with banana

      Is a cigar sometimes just a cigar? That debate will remain unresolved, but The Daily Caller can say with confidence that a banana is definitely not always just a banana at North Marion High School near Ocala, Fla.

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