Thursday's News from the Wall Street Journal

Despite a 200+ rise in the Dow on Thursday, Friday's Journal reported a few negatives:

• IndyMac Bancorp is trying to sell $540,000,000 in real estate loans at an average price of cents on the dollar and a low price of twenty cents.
• Key Bank and Wachovia are trying to unload $1.2 billion of real estate loans
• Home builders are starting to fall behind on their payments to the banks as the value of their collateral plummets.
• Four banks have failed thus far in 2008. That's more than in the past three years combined.
• Since March, five more savings and loans are being watched by the Office of Thrift Supervision.
• 6.35% of mortgages are at least 30 days late.
• Net household wealth fell by 2.9% in the first quarter.
• The number of foreclosures on prime adjustable rate mortgages rose to 117,000 in the first quarter.
• 10% of the homes built after 2000 are vacant.