Still, it is predicted in a research by Moody’s Economy.com that the number of houses which will be lost as a foreclosure proceeding will add up another 18 percent. It is also expected that the levels will go down through 2011.

It is quite noticeable that more than 860,000 properties were taken back by lenders throughout the country. A foreclosure firm in Irvine, Calif, RealtyTrac which keeps listing of foreclosure properties produced these records.

These foreclosure processes have been breaking records for the last 30 years. Mortgage Bankers Association states that these levels will lean to the higher side even in the forth coming times.

Reports mention that newly elect President Barack Obama will be doing efforts to prevent worse conditions in this regard. It is said that he has planned to use $100 billion from the remaining financial bailout money that is $350.

A principal with Beacon Economics, Los Angeles, Christopher Thornberg says, “Hitting bottom is a lot different than coming off the bottom.”

Last year records mention that the highest number of disclosure properties were in Florida, Arizona, California and Nevada. The number of foreclosure properties in these areas was 1.1 million.

Although the new government is going for methods to embetter the ongoing crises, it is believed that the resolve will still take some time.

The details about the plan have been unveiled on Wednesday and it may be of 130bn euros that is nearly one percent of EU states’ GDP.

EU has been asked to ease fiscal rules that may help the nations to spend more to strengthen their economies.

France president Nicolas Sarkozy and German chancellor Angela Merkel said that the condition to keep a public deficit below 3 percent of GDP must have been eased. These comments were made by both these leaders in a joint article that published Wednesday in a Newspaper.

According to the Commission, the tax cuts needed to be made on labor taxes, Value added tax and energy efficient goods.

The EU Commission is quite hopeful to have a significant impact on the entire European economy.

In the US, Dow Jones index closed Tuesday 177 points or 2% down to 8,694 and it was mainly due to poor results overnight from Starbucks.

Continuing fears over General Motors future also hit US investors confidence. Similarly, European and Asian shares also fell.

Oil prices, declining to 20-month lows, also kept falling.

On Tuesday trading, US light crude ended down $3.08 to $59.33 a barrel and it was the lowest price since March 2007. The demand of oil continued to fall due to slowing economy.

In UK, FTSE 100 share index closed 3.6% down and Japan’s Nikkei dropped 3%. Similarly, France’s Cac fell 4.8% and Germany’s Dax slid 5.3%

ECU Group chief economist, Neil Mackinnon says: “There is unremitting flow of bad news and now the markets are quite worried about the economic crisis.”

“The economic slump seemed to be longer and deeper and it’s a real concern for equity markets.”

After China’s announcement of a $586bn economic stimulus package, Asian and European stocks enjoyed rises on Monday, but that gains were short lived.

On the FTSE, Tuesday’s biggest fallers were those mining firms that gained on Monday after China’s package announcement.

According to the National Bureau of Statistics, during the 3rd Q the economy grew at a rate of 9% that was 10.1% down compared to previous quarter.

Li Xiaochao, a spokesman from the National Bureau of Statistics, says in this connection, “The government wasn’t expecting such an intense impact of the global financial crisis.”

In the meantime, there was a slight increase in Asian share prices in early trading.

Shares rose by 2.2% in Hong Kong and similarly Japanese and South Korean stock markets also saw slight rise in shares.

“There is still no hope for a definite recovery from the financial crisis,” Li Xiaochao tells in a news conference.

“We can notice a considerable slow down in the growth rate of the world economy, as there are many volatile and uncertain factors have involved in the international economic climate.” He added.

Li told that the Chinese government had taken timely measures to overcome the economic slow down and soon we would definitely overcome it.

“The government is changing its focus from preventing the overheating of the economy and also trying to avoid structural inflation to preserve growth and control inflation.” He  further added.

This current research is conducted based on the new poverty line of $1.25 per day that has been adjusted according to the current inflationary rate , and the findings are that 1.4 billion people fall in the poverty definition.

The report reviews although the world’s population of the developing countries is growing day by day, yet there is a decline in the poverty rate from 50% to 25% over the past 25 years.

“This is pretty grim analysis coming from the World Bank,”said Elizabeth Stuart, policy advisor at Oxfam.

The report suggested that the region of Africa remained unsuccessful to combat with poverty where the no of poor is almost double between 1981 and 2005.South Asia has the worst figures of the poor people while China is considered to be most successful in reducing poverty.

The world Bank is of the view that there is a need of increasing the efforts to reduce poverty on the part of developed countries either through aid budgets or by other means.

Related links

• The World Bank’s
• Poverty

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The Pound hits its minimum level and this fall is observed since July2006.

“The growth number confirmed our worst expectations,” said John Hydeskov analyst at Danske bank in Copenhagen.

Also there is rapid fall in the house prices in UK that seems to have no end, he further added.

A rapid fall in the Euro value against dollar is also seen in the last week.

The fall in the value of pound will discourage the tourists to UK that were attracted by strong pound value.

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