Economy Vexes GOP at South Carolina Debate

Foreclosures are at record highs, home sales are at record lows and skittish consumers are cutting back on spending, all of which means contractors, construction crews and carpenters are no longer hiring. Neither are landscapers, cleaning services or homeowners.

Work, never a given for day laborers in the best of times, is almost nonexistent these days.

These are the worst of times, would-be worker Ramon De la Cruz said recently in Spanish, noting that he had worked only one day in the previous six.

De la Cruz came here from Tabasco, Mexico three years ago to earn money to provide for his daughter, now 5. Only a year ago, he could still make $500 a week.

But Graton (pop. 1,815), sits in western Sonoma County, which has been hit hard by the housing downturn. read more

Default Rates Projected to Soar

BALTIMORE, Jan. 31 /PRNewswire-FirstCall/ -- FTI Consulting, Inc. (NYSE: FCN) , the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, has identified several key drivers that it expects will affect corporate borrowers and restructurings in 2008. The key drivers identified by FTI Corporate Finance, which was recently rated number one on The Deal's League Table for Crisis Management firms, are as follows:

The credit markets will remain tight. Credit markets are likely to remain highly restrictive through at least the first half of the year. FTI Corporate Finance sees financing conditions worsening across most sectors as companies experiencing covenant and similar problems will be unable to easily refinance themselves out of existing facilities without incurring substantial costs and certainly more restrictive covenants. read more

US Dollar Tries to Recover, But Upcoming Housing and Sentiment Data �

Faced with a glut of unsold homes and canceled contracts, builders are turning to tactics typical of car dealerships and department stores.

Next 5 pricey home sales
More of the week's biggest real estate deals in the Valley.

Next 5 pricey home sales
More of this week's biggest real estate deals in the Valley.

The Valley's priciest home sales.
Last week's biggest real estate deals in the Valley.

House plan has luxe amenities
With a home office, recreational-vehicle garage and roof deck with dumbwaiter service, no amenity has been overlooked in this three-bedroom design.

More pricey Valley home sales
More of last week's biggest real estate deals in the Valley.

The Valley's priciest home sales. read more