Here is an interesting article  http://money.cnn.com/2009/03/11/news/economy/millionaires_2008/index.htm

“Research report shows the number of American households with $1 million net worth declined 27% last year.”

It discusses how there are about 2.5 million fewer millionaires then there were last year due to the housing crisis and economic crisis.  They said it’s due to all asset classes from stocks, 401k, ira’s, houses, etc.  Millionaires surveyed said they lost 30-4o% of their networth.    Younger households are still buying cash.  Many of the older generation are moving to safer assets, and many don’t feel as comfortable with their financial advisor.   It shows how much money can be lost from networth when it comes to paper assets.

It’s January 27th, 2009, and as we come to the end of January 2009, let’s review some of the recent highlights for this early week and month and what’s happening to the real estate market, housing, jobs and the economy.   I am currently reading The Great Depression Ahead by Harry S. Dent, Jr. which clearly says 2012 it is very likely to get worse.  This month so most of the largest companies in America report enormous 4th quarter losses.  Let’s take a look at job cuts, and I think it’s only going to get much much worse.

-NEW YORK (CNNMoney.com) — “The job market continued to take a beating Tuesday, as six companies across several industries announced more than 11,500 job cuts Tuesday.  The huge number of job cuts pales only in comparison to Monday’s statistics: seven companies issued job cut announcements totaling more than 71,400 layoffs. In January alone, companies have announced more 211,500.”

Let’s review housing numbers that just came out today….
Index of 20 U.S. cities shows 18.2% annual drop, to the lowest levels since 2004. I found this statistic to be quite amazing..”As has become the norm, Southwest cities were the hardest hit, with Las Vegas prices dropping 3.9%, the nation’s worst decline. Phoenix, at 3.4% was second. The Arizona metropolis recorded the worst 12-month decline, at 32.9%, followed by Las Vegas, at 31.6%.”

Now let’s look at the recent foreclosure epidemic. this excerpt comes from CNN money.com
“RealtyTrac, the online marketer of foreclosed properties, recently discovered that it has far more foreclosed properties listed in its database, which the company compiles using courthouse records, than there are listed in the multiple listing services (MLS) maintained by real estate agents.” “The scope of the problem isn’t clear, but it could be huge considering that RealtyTrac has a total of 1.5 million bank-owned properties on its site.”

For more news on banks and the housing crisis please check out patrick.net and ml-implode.com.
I like to get a lot of my finance headlines from money.com and also finance.yahoo.com

Let’s review the bailout, one person says it could be up to 4 trillion dollars. see it here http://money.cnn.com/2009/01/27/news/bigger.bailout.fortune/index.htm?postversion=2009012711.

I haven’t seen any new news today on the automakers, I believe they got some money last week.