links for 2011-05-05

Home prices have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital…Sales of bank-owned (REO) properties hit 34.5 percent of the market, according to the survey, resulting in a national price drop of 4.9 percent quarterly and 5 percent year-over-year. National home prices have fallen 11.5 percent in the past nine months, a rate not seen since 2008.

Mexico has quietly purchased nearly 100 tons of gold bullion, as central banks embark on their biggest bullion buying spree in 40 years. The purchase, reported in monthly data published by Mexico’s central bank, is the latest in a series of large gold buys by emerging market economies intent on diversifying reserves away from the faltering US dollar.

Demand slowed mainly because of the economic crisis, says Halff, and it won't pick up fast enough to match refining capacity in some regions. "There's excess refining capacity in the U.S.," Halff says. That may fluctuate short term, but, "in the longer term, we will see a decline because we are tightening standards, and cars will become more efficient." In other words, even though owning a refinery might be a good short-term bet, no company wants to risk getting stuck holding an under-performing asset as the market landscape changes.