Jan. 28 (Bloomberg) -- Purchases of new homes in the U.S. unexpectedly fell to a 12-year low in December, ending the worst sales year since records began in 1963 and signaling little prospect for a recovery...

The median price of an existing single-family home dropped 1.8 percent in 2007, the first decline since records began four decades ago and probably the first since the Great Depression in the 1930's, the Realtors group said. ...   more »

We understand globalisation essentially in terms of economics, commerce, industry and political dynamics; but there are basic social, religious, philosophical, scientific, cultural or idealistic aspects which often get sidelined in the respective discussions. The question of humanity in its proper sense, of harmonious life of happiness as expressed by mystics, sages, rishis, enlightened thinkers is hardly raised and seen in its deeper or far-reaching implications. Globalisation today is driven by a motive force and does not have its true or authentic content offered to the larger collectivity in the enduring values of the spirit. It is a mechanistic or, to use the modern idiom, a digital phenomenon. The identity of man with things material, the appreciation of the wonder that living reality in its thousand moods is, the recognition of the all-pervasive beauty in nature, or the sweep of cosmic thought, the subtlety of creative perception and expression have to be a part of the global perception. There have to be different families and nations, there have to be different races, different languages, different arts, and even in the same kind of art different expressions, different games, different sports activities, different recreations; yet there can be a kind of genuine underlying globality in all our occupations. This world is not just a shrunken global village; it is one rich Family of God, vasudhaiva kutumbakam, as says the ancient scripture. In it each member of the family has his own unique soul, his own inalienable individuality and it is that which is valued most in the progress of the both. In the all-inclusive collective life is provided the scope for one’s own uninterrupted growth which, in turn, helps to grow itself, symbiotically helping each other. That is what true globalisation should mean. Are we nearer to it? ...   more »

The insurance industry faced $75 billion of losses from natural catastrophes during 2007, up 50% from last year despite a lack of "megacatastrophes," German reinsurer Munich Re said Thursday.

The losses rose from $50 billion in 2006, though this was still well short of the $220 billion reached in 2005 when Hurricane Katrina ravaged New Orleans and the U.S. Gulf Coast.

Still, the number of natural catastrophes tallied 950 this year, up from 850 in 2006 and the highest figure since 1974, when Munich Re began tabulating such events. ...   more »