Author: Serkadis

New home sales at record lows – Tim Iacono – The Mess That Greenspan Made

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New Policy on Foreclosures and Defaults Intended to be Preventive says FHA – by Neil Morse – Reflecting the extreme sensitivity of the issue, explanations, retrenchments, and denials are being voiced in response to an RMD story earlier this week about HUD’s intent – or not – to foreclose on seniors whose properties have gone into “technical” or other default. – more…. – Reverse Mortgage Daily 

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Housing’s Greatest Suckers Rally – … The following chart plotting new home sales against the median months for sale demonstrates very clearly that 2009 was NOT the bottom for new home sales. … – Paper Economy Blog

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Housing Problems Are Dissipating and Fragmenting: Time to Think About Buying?  – John Tobey – has 5 reasons – Seeking Alpha

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Report: Half of U.S. home loan modifications default again – BY JOHN GITTELSOHN – Bloomberg Miami Herald RE News  

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New Home Prices: More Room to Fall – Over the past 48 hours, the Census Bureau and the National Association of Realtors have announced new and existing home sales, respectively, for February. As expected (at Financial Armageddon, at least) neither set of data points offered any real encouragement for those who keep harping on about a recovery in the sector. – Financial Armageddon Blog

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Housing’s Big "Shadow": Up to 10M More Homes Could Be for Sale, Zillow.com Says – by Aaron Task – Tech Ticker at Yahoo Finance

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Homebuilder stocks: It’s Crunch Time for Housing – John Lounsbury – Seeking
Alpha
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Californians to get $18,000 to buy a house – Tim Iacono -  More evidence of how wacky things have become in today’s real estate market comes via the overlap of the expiring Federal homebuyer tax credit of $8,000 with local versions of the same, in particular the one in California where another $10,000 in government money is being offered …  – The Mess That Greenspan Made

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How long will negative equity last? – Rolfe Winkler – First American CoreLogic tries to answer the question for ten housing markets with the following chart … For the typical underwater borrower in the U.S. it will take until late 2015 or early 2016 for negative equity to disappear.  In certain markets, it will take another five to 10 years or even longer to return to positive equity … – Reuters Blogs

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Seller financing making a comeback – Seller as Lender – … Seller financing, in which an owner offers a buyer a mortgage, was almost unheard of over the last decade, when money was cheap and lenders vied aggressively for borrowers with myriad mortgage products. But as lending conditions have since tightened drastically and the housing market has softened, seller financing is emerging as an option for both parties…. – NY Times

good summary – Taking Baby Steps on 2nd Mortgages – By ROLFE WINKLER and ROBERT CYRAN – JPMorgan Chase this week became the latest big bank to say it is willing to modify second mortgages for some struggling borrowers. While it’s a baby step in the right direction, it won’t do much to fix America’s foreclosure woes. – NY Times

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Fewer originators: The home mortgage business decline: Not done yet – by Mark Anderson – New rules and requirements are adding obstacles – Minnesota regulators erased another 42 mortgage originators from their books in February, continuing an industry shakeout that’s been under way for three years. … – Finance & Commerce

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A New Wave of Defaults? – Bruce Krasting – (a treatise on people with negative equity who want to pay and do the right thing changing their mind after seeing the new principal plan) – … They called just now. They made up their minds. They will not pay either the 1st or the 2nd this month. The “entrance fee” to getting the debt relief they need is to not pay any longer. The cost will be a tarnished credit. They no longer care.  Does this story mean anything in the Macro Big Picture of defaults? I am certain that it does. A rising trend is about to become a rogue wave. … – Bruce Krasting Blog

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Here’s Why Everyone’s Freaking Out About The End Of Fed Mortgage Buying – Joe Weisenthal – Because the Federal Reserve now owns over 10% (!) of all mortgage debt outstanding. (via Waverly Advisors) – Money Game at Business Insider 

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has 5 rules – New Short Sale Rules Impact Buyers – By Michele Lerner – Bankrate.com – FoxBusiness

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Overstated:  Treasury report lowers estimate of home borrowers helped by key program – By Renae Merle – … The Treasury Department initially said the program, known as Making Home Affordable, would reach as many as 4 million struggling borrowers. But Neil Barofsky, special inspector general for the Troubled Assets Relief Program, said in a report issued Tuesday that Treasury now expects only 1.5 million to 2 million homeowners to get mortgage relief. … – Washington Post

With large explorable maps and sky-high shooting action, Just Cause 2 would have been a pretty interesting multiplayer game. Would have been. Despite some fans asking for a downloadable multiplayer mode, Avalanche Studios sticks to their original

Fresh after receiving yet another prestigious award, Shigeru Miyamoto admits that Nintendo didn’t deliver on the fun-enough projects last year. Fortunately though, his company is looking to step it up this year they’re having some hands-on

Filed under: New York Auto Show, Sedan, Chevrolet, GM

Chevrolet will use the 2010 New York Auto Show to reveal a few more details about the production Cruze sedan going on sale this fall. Specifically, the Big Apple is where Chevy will formally unveil the high-mileage Cruze Eco model and RS trim package (inset). The Chevrolet Cruze Eco is propelled by the new turbocharged 1.4-liter Ecotec inline four-cylinder. This engine, combined with a six-speed manual transmission, is not only the most powerful unit available, it’s also expected to yield a hybrid-like 40 miles per gallon on the highway. In order to help achieve that lofty number, the Cruze Eco gets drag-reducing shutters that close off the lower grille at higher speeds. Also contributing to the car’s elevated fuel efficiency are a deep front air dam and under-body panels. The 1.4 turbo is rated at 138 horsepower and a healthy 148 pound-feet of torque.

Like other Chevy models, the Cruze will also be offered in LS, LT and LTZ trim levels. The LS gets a 136-horsepower naturally-aspirated 1.8-liter four, while the two higher trims get the turbo. Drivers wishing for a sportier appearance can opt for the RS package, which adds foglamps, rocker panel extensions and a rear spoiler. The RS pack also brings an upgraded interior featuring chrome trim and backlit instrument cluster bezels.

Pricing and official EPA fuel economy numbers won’t be available until later this year when the Cruze actually goes on sale. Check out the Cruze Eco and Cruze RS in the high-res image galleries below. We’ll have lots more on these cars next week once we look them over in person at the Javits Center.

[Source: General Motors]

Continue reading Cruze Comes To Town: Chevy unveils 40-mpg Eco model and RS package

Cruze Comes To Town: Chevy unveils 40-mpg Eco model and RS package originally appeared on Autoblog on Sun, 28 Mar 2010 00:01:00 EST. Please see our terms for use of feeds.

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Making its debut alongside the 2011 Chevrolet Cruze Eco will be the Cruze RS appearance package for the LT and LTZ trim levels. The models will give the Chevrolet Cruze LT and LTZ styling unique fascias, rocker moldings, rear spoiler and fog lamps.

An uplevel instrument cluster is also part of the RS package and includes chrome accent rings in place of the standard silver finish, as well as opaque cluster bezels that allow the cluster’s ice blue backlighting to shine through – providing a sporty nighttime appearance.

“For customers who want even more personality and presence in their vehicle, the RS appearance package builds on the already bold face and coupe-like proportions of the Cruze,” said Michael Simcoe, executive director, North American Exterior Design.

Click here for more news on the Chevrolet Cruze.

Refresher: The 2011 Chevrolet Cruze’s base LS model is powered by a 136-hp 1.8L 4-cylinder engine, while the Eco, LT and LTZ model get a 1.4L turbo 4-cylinder Ecotec engine making 138-hp and a maximum torque of 148 lb-ft. The 1.4L turbo modes are expected to have a cruising range of more than 500 miles and the Cruze Eco is estimated to get an EPA fuel-economy rating of 40 mpg on the highway. All 2011 Cruze models will be available with a 6-speed manual or a 6-speed automatic transmission.

2011 Chevrolet Cruze RS Package (for LT and LTZ trims):

– By: Omar Rana

At the 2010 New York Auto Show next week, General Motors will unveil its new 2011 Chevrolet Cruze Eco. The 2011 Cruze Eco will be powered by a 1.4L Ecotec turbocharged engine with variable valve timing that helps it achieve an estimated highway fuel-economy of 40 mpg when mated to a 6-speed manual transmission.

“The Cruze Eco delivers hybrid-like efficiency without the price tag,” said Jim Campbell, U.S. vice president Chevrolet marketing. “Along with the Volt electric vehicle, it demonstrates how Chevrolet is working to bring new products to market that range from gas-friendly to gas-free.”

The 138-hp 1.4L Ecotec turbo engine will also be available as standard on the LT and LTZ model. So what’s the difference between the Cruze Eco and the Cruze LT and LTZ? The Chevrolet Cruze Eco receives some other fuel-saving modifications like a lower front grille air shutter that closes at higher speeds to improve aerodynamics and opens at lower speeds to optimize engine-cooling airflow; upper grille with more “closeouts” to improve aerodynamics; lower front air dam extension, extensive use of underbody panels and a rear spoiler enhance aerodynamics; lowered ride height; 17-inch lightweight aluminum wheels; ultra-low rolling resistance 17-inch Goodyear tires.

Chevrolet says that 0-60 mph for the Cruze Eco should come in about 10 seconds when mated to a 6-speed manual and 9 seconds when mated to a 6-speed automatic.

The base Chevrolet Cruze LS model will be powered by a 1.8L Ecotec 4-cylinder making 136 horsepower and 123 lb-ft of torque.

The Cruze Eco will go on sale in the fourth quarter of 2010 along with all the other Cruze models.

Make the jump for the press release.

2011 Chevrolet Cruze Eco:

Press Release:

Chevrolet Cruze Eco: Hybrid-Like Fuel Efficiency Without The Price Tag

o Cruze Eco delivers an estimated segment-leading 40 mpg on the highway
o Optional RS appearance package for Cruze LT and LTZ trim levels

NEW YORK – At the New York Auto Show, Chevrolet reveals the compact 2011 Cruze Eco. This high-efficiency model is powered by a 1.4L Ecotec turbocharged engine with variable valve timing that achieves an estimated 40 mpg on the highway when combined with a six-speed manual transmission. Cruze Eco is expected to deliver the best fuel economy in the compact segment, while offering midsize car presence.

Chevrolet also shows an optional RS sport appearance package for the Cruze LT and LTZ trim levels.

Cruze is the first in a family of all-new Chevrolet small and compact cars designed to offer excellent fuel economy, outstanding quality and top safety ratings. Cruze models for the United States and Canada will be produced at the Lordstown, Ohio assembly complex. In February, Chevrolet announced the addition of a third shift at Lordstown that will add 1,200 workers to support a smooth, fast and flawless ramp-up of Cruze production. More than $350 million has been invested to re-tool the plant and add new, state-of-the-art manufacturing equipment.

“This investment helps secure the best possible manufacturing footprint to react to market demand and deliver vehicles faster to our customers,” said Jim Campbell, U.S. vice president Chevrolet marketing. “We believe Cruze is the right car at the right time for American consumers.”

Cruze Eco details
Featuring a 1.4L Ecotec turbocharged engine with variable valve timing, the Cruze Eco is designed to be the most fuel-efficient model in the lineup, delivering an estimated 40 mpg on the highway with the standard six-speed manual transmission. City fuel economy, as well as estimates for the Cruze Eco equipped with an available six-speed automatic transmission, will be finalized closer to launch.

The Eco achieves greater fuel economy using a number of features that enhance its aerodynamics, minimize weight and reduce rolling resistance. Details include:

* A lower front grille air shutter that closes at higher speeds to improve aerodynamics and opens at lower speeds to optimize engine-cooling airflow
* The upper grille has more “closeouts” to improve aerodynamics
* A lower front air dam extension, extensive use of underbody panels and a rear spoiler enhance aerodynamics
* A lowered ride height improves aerodynamics
* Unique 17-inch lightweight aluminum wheels
* Ultra-low rolling resistance 17-inch Goodyear tires.

The axle ratio on the manual-transmission model is also optimized for fuel economy, while helping the car deliver confident performance. Chevrolet estimates the Cruze Eco will deliver 0-60 mph performance of about 10 seconds with the manual transmission and 9 seconds with the six-speed automatic.

The Cruze Eco will be available in the fourth quarter of 2010.

Midsize presence in the compact segment
All Cruze models offer the spaciousness and amenities of a midsize car, combined with segment-leading features and details that challenge preconceived notions about what a compact car can be in North America.

Along with the Eco, the 2011 Cruze will be offered in LS, LT and LTZ trims. Standard and available equipment includes:

* Ten standard air bags, including frontal, front-seat side-impact air bags, roof rail head curtain, rear-seat side air bags and new front knee air bags
* Bluetooth, USB connectivity, XM Satellite Radio and navigation system
* Standard OnStar with one year of Directions and Connections service
* MacPherson strut front suspension and Z-link rear suspension, with 16-, 17- and 18-inch wheels
* Standard StabiliTrak electronic stability control with rollover sensing, traction control and anti-lock brakes
* Fuel-saving, rack-mounted electric power steering
* Unexpected levels of quietness, smoothness and refinement for the segment.

All models share an interior characterized by upscale materials and a lengthy roster of equipment usually found in larger and more expensive vehicles. Available technologies include Bluetooth and a navigation system.

Cruze’s 1.4L Ecotec turbo performs like a larger engine when needed, but retains the efficiency of a small-displacement four-cylinder in most driving conditions; it is standard on Eco, LT and LTZ models. Rated at an estimated at 138 horsepower (103 kW) and 148 lb.-ft. of torque (200 Nm), it enables a cruising range of more than 500 miles (800 km). Cruze will lead the way for Chevrolet in the use of small-displacement, turbocharged Ecotec engines that are highly fuel-efficient and power vehicles that are fun to drive.

Standard on LS models is a 1.8L Ecotec four-cylinder rated at an estimated 136 horsepower (184 kW) and 123 lb.-ft. of torque (166 Nm). Both engines are designed with fuel efficiency in mind, including technology such as variable valve timing that optimizes performance and fuel economy.

Backing the Cruze’s engines are six-speed manual and automatic transmissions. Each contributes to excellent fuel economy.

Chevrolet engineers have already logged more than 4 million miles in quality and durability testing worldwide, making Cruze one of the most real world-tested products prior to a U.S. launch. It is backed by Chevrolet’s five-year/100,000-mile powertrain warranty – the best coverage in America.

– By: Omar Rana

Sony Europe is showing off the new DR-EX300iP, DR‑V150iP and MDR-E10iP, which offer a serious step-up in sound quality compared with your average music player’s supplied earbuds. All models feature an in-line remote control that puts commonly-used iPod/iPhone functions within fingertip reach while you’re jogging, commuting or relaxing. The small, discreet remote makes it easy to adjust volume, play/pause, skip tracks and control iPod Shuffle’s unique VoiceOver function. As an extra bonus, there’s an integrated microphone that lets iPhone users chat hands-free.

The DR-EX300iP delivers refined quality sound in a compact, in-ear headphone. The innovative design features a 13.5mm Neodymium driver unit that’s oriented vertically in the ear. This combination teams excellent sensitivity with smooth, powerful bass and a wide dynamic range. A secure fit is assured by four sizes of supplied hybrid silicone earbuds, giving excellent sound isolation and extra-comfortable wear – even for extended listening periods. The DR-EX300iP comes supplied with a genuine leather carry case for storage and transportation.

Tailor-made for DJs, the dual-purpose DR-V150ip delivers crisp, commanding sound when you’re mixing pumping club beats. Away from dance floor, it delivers equally commanding sonic performance with your iPod or iPhone. Deep bass and generous power handling are assured by the 30mm ferrite driver. There’s a large adjustable headband for fatigue-free wear during the longest DJ set, while reversible earcups allow convenient ‘single-sided’ monitoring when you’re behind the decks.

Stylish, colourful and great value, the MDR-E10iP let younger listeners express their individualty while listening to their favourite sounds. There’s a choice of four fashion colours (Pink, Gold, Blue, Grey) to co-ordinate with your iPod or iPhone. Crisp sound from the 13.5mm Neodymium driver is partnered with high-comfort wear, thanks to the supplied soft ear-pads that make a great fit for smaller ears.

The new ICF-C717PJ, available next month from Sony Europe, is packed with great features to help you wake up and drift off in even greater comfort. Compact and styled with an elegant brushed aluminium finish, the ICF‑C717PJ looks great in any bedroom. It’s also the first clock radio from Sony with a built-in projector. Just twist the lens module to any angle and beam a super-sized time display onto any wall or ceiling for comfortable viewing.

There’s a generous choice of ways to wake up with the dual alarm clock. Listen to your favorite radio show with the FM/AM digital tuner, or plug your Walkman, iPod, iPhone or any personal music player into the audio jack and welcome the day with your favourite tunes. Some of you may also appreciate a choice of five soothing sounds from nature that can aide those who are just waking up or drifting off to sleep. Choose from crisp, digital re-creations of the undersea world, waves, mountain brook, rainfall or birdsong to suit your mood.

The big, bright, easy-to-read LCD offers a cool, soothing blue backlight: there’s a 4-way brightness control for comfortable viewing at any time of day or night. There’s also a thermometer that displays ambient temperature in your bedroom. It’s a valuable way to check that you’ve got the heating set correctly and all set for a peaceful night’s sleep.

No power? No problem. Even if it’s unplugged or there’s a temporary power failure, a battery back-up ensures that you’ll still wake up at the right time.

Homebrew coder Lino has released a new version of fb4nds, a Facebook client application for the Nintendo DS. the latest update of the brew includes some new changes and a few bug fixes.
 
 
Download:

Jeff Opdyke of the Wall Street Journal, who writes about the intersection of family, love, and money better than anybody, has put together a handy list of money rules you should teach your kids.

We won’t spill all the beans (click through for that), but here’s our paraphrasing of the first five:

1. Don’t spend money until you’ve earned it. (A message every financial organization on earth will try to undermine the moment you deliver it).

2. Make kids buy those stupid plastic toys with their own money — via an allowance.  (Oh, you spent all your money?  Too bad.)

3. Give your kids a big enough allowance that they can buy some stuff but not so much that they can buy everything.

4. Don’t pay your kids for getting good grades or washing dishes: Both should simply be expected.

5. Encourage your kids to start earning money at age 13.

Read the rest at the WSJ >

Join the conversation about this story »

See Also:

• Here’s What Day Traders Don’t Understand
• Must Be A Bull Market: The Dumbest Job Ever, Day Trading, Is Cool Again

Filed under: Videos, Audi

Proficiency is a wonderful thing to see in any category – we can even watch a great lawn bowler do his thing for a minute or two. So, when it’s something closer to our interests, like Audis and Photoshopping, we can hang in a little longer. What you see here isn’t an Audi S1 – just an A1 made to look like one. Highly sped up, it takes a few minutes to make this happen. It will probably take Audi a little longer, but make no mistake, we hope they’re watching. Follow the jump to watch the transformation unfold on video.

[Source: YouTube]

Continue reading Video: How to transform an Audi A1 into an S1

Video: How to transform an Audi A1 into an S1 originally appeared on Autoblog on Sat, 27 Mar 2010 20:01:00 EST. Please see our terms for use of feeds.

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From the BLS: Regional and State Employment and Unemployment Summary

Twenty-seven states recorded over-the-month unemployment rate increases, 7 states and the District of Columbia registered rate decreases, and 16 states had no rate change, the U.S. Bureau of Labor Statistics reported today. Over the year, jobless rates increased in 46 states and the District of Columbia and declined in 4 states…

Michigan again recorded the highest unemployment rate among the states, 14.1 percent in February. The states with the next highest rates were Nevada, 13.2 percent; Rhode Island, 12.7 percent; California and South Carolina, 12.5 percent each; and Florida, 12.2 percent. North Dakota continued to register the lowest jobless rate, 4.1 percent in February, followed by Nebraska and South Dakota, 4.8 percent each. The rates in Florida and Nevada set new series highs, as did the rates in two other states: Georgia (10.5 percent) and North Carolina (11.2 percent).

emphasis added

Click on graph for larger image in new window.

This graph shows the high and low unemployment rates for each state (and D.C.) since 1976. The red bar is the current unemployment rate (sorted by the current unemployment rate).

Fifteen states and D.C. now have double digit unemployment rates. New Jersey and Indiana are close.

Four states and set new series record highs: Florida, Nevada, Georgia and North Carolina. Three other states tied series record highs: California, Rhode Island and South Carolina.

Join the conversation about this story »

See Also:

• Map Of The Day: The West Is Still Getting Crushed By Rising Unemployment
• CHART OF THE DAY: Unemployment Claims Back To Pre-Crisis Levels
• And Now Here Are The 20 MOST Employed Cities In America

We’ve already introduced you to some of the femme fatales that will be present in Rockstar’s upcoming wild western epic shooter, Red Dead Redemption, now meet some of the men that you will encounter along the way

MTV Games and Harmonix has announced that next week’s Rock Band Music Store update will feature the legendary English-American psychedelic rockers, The Jimi Hendrix Experience.
 
 

Filed under: Etc.

The Intimidator, befitting the man who inspired it, is the fastest, tallest, and longest roller coaster in the Southeast. The snaking steel beast, more than a mile long and named for the late Dale Earnhardt, is 232 feet high and drops 211 feet in one go. Riders at the Carowinds theme park hit 80 miles per hour in cars made to look like the #3 Chevy Monte Carlo, only with the addition of stadium seating that ensures everyone gets a clear view – something we’re pretty sure Dale’s NASCAR Chevy didn’t have.

If you’re interested, the Intimidator coaster opens this weekend. Follow the jump to read Carowinds’ official press release and take a virtual spin in this new NASCAR-themed thrill ride.

[Source: Carowinds]

Continue reading Earnhardt-inspired Intimidator coaster takes inaugural plunge [w/video]

Earnhardt-inspired Intimidator coaster takes inaugural plunge [w/video] originally appeared on Autoblog on Sat, 27 Mar 2010 18:06:00 EST. Please see our terms for use of feeds.

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Sergio Marchionne has announced plans for Fiat to increase its stake in Chrysler over the next two years to 35%. The first purchase, expected to happen this year, will increase the stake by 5%, and the two subsequent purchases will depend on the company’s distribution outside the United States. “In the next 24 months maximum we must arrive at 35 percent of Chrysler,” Marchionne said.

Marchionne also defended Fiat’s decision to invest abroad; a move that has caught the criticism of many. Aside from Chrysler, Fiat has invested in companies in China and Russia in order to survive the shrinking global market. Many are concerned that Fiat’s real plan is to direct manufacturing away from Italy.

Fiat plans to present its five-year plan on April 21, but rumors are abound right now that claim the loss of 5,000 jobs at Fiat; a claim that Marchionne vehemently denies. In fact, Fiat plans to increase production another 250,000 units per year in three years. He also defended the closing of the Sicilian plant, pointing out that logistics make it a financially unsound operation.

– By: Stephen Calogera

Source: MSNBC

To combat falling sales, Toyota is ceasing production for nine days at its factories in France and the UK. France will see a four-day halt in production starting April 6, and the two UK factories will see a five-day halt some point in May.

The British closings were previously planned however, and the French closing was scheduled to help combat the over-supply. In early June, they also plan to halt production on one of two assembly lines at the Burnaston plant.

Sales in the EU sank 20 percent for Toyota in February of 2010; overall sales in the EU rose 3 percent for the same time-frame. Toyota’s US sales fell 95 in February, and they are fighting back with a slew of incentives to combat the losses.

– By: Stephen Calogera

Source: MSNBC