Labor/Economy

MBA reports that mortgage foreclosures dropped in 1Q11; NAR reports that existing home sales dropped in April; and the Conference Board’s index shows leading indicators down in April.

The annualized rate of homebuilding dropped 10.6 percent from March to April; Geithner would prefer to not be the first Treasury secretary to preside over a default by the federal government; and Wal-Mart sees a dip in sales.

Builder confidence remains mired in pessimism; the economy is still the biggest concern for most Americans; and the United States has officially hit its debt ceiling, meaning default looms large.

While the consumer price index rose in April, led by food and energy, real hourly earnings fell behind. And while the Sahara in Vegas closes, another giant casino opens in China.

The Treasury reports that mortgage fraud was up 5 percent last year; the amount of money in retirement plans is cresting; and the country’s largest banks will receive a wrist-slap for robo-signing.

Light peeks through in the job market; U.S. exports are at an all-time high; and oil and commodities continue to slide.

The National Association of Realtors has its own melancholy home-price numbers to report; small-business owners are pessimistic about the future; and freshman members of Congress are frustrating those who have seen us approach a debt ceiling before.

Zillow reports that home values were down 3 percent in the first quarter; April’s Conference Board index points to negative employment indicators; and congressional leaders ram heads over the debt ceiling.