Lawsuits Over Chinese Drywall Mounting

Housing market gloom is over-hyped

(NEWSER) - Has the housing crisis scared you out of the market? Too bad, because there are still many good reasons to buy, writes Brett Arends in the Wall Street Journal . A few points to consider before hopping on the first train to rents-ville:

• You could get a deal: Prices are down—way down. "This is a buyer's market," Arends writes, especially if you're willing to play hardball. Could prices drop more? Sure. But that "doesn't really matter so much in the long haul."
• You'll save on taxes: Usually, "the breaks are more valuable the more you earn, and the bigger your mortgage," Arends says. So run the numbers—you could save on income, real estate, and capital gains taxes.

How one country ducked the economic downturn

(NEWSER) - Australia has weathered the financial crisis better than any other developed country. Last week its central bank raised interest rates, indicating its primary concern is now inflation, not growth. What were the keys? Phil Dobbie of BNET explains:

• Befriending China: Australia used to export much of what it made to the US and UK, but over the last decade much of that trade has shifted to China. In fact, some economists argue that Australia didn’t need a stimulus package—Beijing’s stimulus was enough.

Men got higher retention bonuses, they allege

(NEWSER) - A former Merrill Lynch broker is leading a class-action lawsuit against Bank of America for offering female workers lower retention bonuses, Reuters reports. The suit alleges that Merrill had a longtime practice of steering wealthier clients to its male brokers. Because of that, when BofA acquired the firm and offered retention bonuses based on production, it put women at a disadvantage. More»

Inventories still at historic highs

(AP) - Sales of existing US homes rose by the largest amount in more than five years in last month, a real estate trade group said today. The data offer a glimmer of hope that the housing slump could be starting to bottom out. The National Association of Realtors said sales of existing homes rose by 5.5% in September compared to August. More»

Courts have yet to accept case in melamine scandal

(NEWSER) - Parents of a sick 1-year-old filed the first lawsuit in China's melamine scandal today, reports the Wall Street Journal. The case, yet to be accepted by China's courts, seeks $21,900 from the makers of Sanlu milk powder for expenses related to the kidney stones they say their son developed from drinking Sanlu. China’s courts are under government influence, and some lawyers report being pressured from pursuing the high-profile issue. More»