U.S. housing market blamed for slow global economy

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A report released by the U.N. pointed to problems in the U.S. housing market as a major cause of a global economic slowdown. The report said the weakening U.S. housing market is a “major drag for this global slowdown.” Companies in Norway and Germany have suffered losses after investing in U.S. bonds tied to subprime mortgages. more [IHT] and more [WSJ]